Apple acquires HopStop.com

Manufacturers  of I phone and I pad Apple has acquired Chinedu Echeruo’s
HopStop.com, The Wall Street Journal’s
publication, AllThingsDigital reports. Founded in
2005, HopStop.com makes mobile applications for
both iOS and Android that covers over 300 cities
and that helps people get directions or find
nearby subway stations and bus stops. Terms of
the deal have not been disclosed as at the time of
this publication.
Chinedu Echeruo, formerly an analyst at
investment banks and hedge funds founded
HopStop in 2005. Echeruo is now Chairman of the
Board for HopStop.
HopStop has oft been compared to Israel’s Waze
which was recently acquired by Google for $1
billion. The move is seen as Apple’s plan to bolster
its map offering especially given Google’s recent
acquisition of Waze.
A serial entrepreneur, Chinedu Echeruo grew up
in Eastern Nigeria and attended Kings College,
Lagos. He attended Syracuse University and the
Harvard Business School in the United States and
founded HopStop.com after working for several
years in the Mergers & Acquisitions and Leveraged
Finance groups of J.P Morgan Chase where he was
involved in a broad range of M&A, Financing and
Private Equity transactions.
He also worked at AM Investment Partners, a $
500 million volatility-driven convertible bond
arbitrage hedge fund. He founded and raised nearly $8 million for his
two U.S based internet companies; Hopstop.com
andTripology.com . Tripology.com was acquired in
2010 by American travel and navigation
information company, Rand McNally. He was
named Black Enterprise Magazine’s Small Business
Innovator of the year and listed in the
magazine’s Top 40 under 40 and is currently a
partner and head of the Principal Investing group
at Constant Capital, a West Africa based
investment bank.

views expressed are not necessarily the opinion of blog author.

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