Global digital media company Migme Limited has announced the signing of a Memoranda of Understanding (MOU) with Chinese photo and video app developer Meitu. The Chinese company has also purchased a stake worth $5.12 million in Migme at $0.44 per share.

The strategic partnership between Migme and Meitu will see "the sharing of content" across both platforms, and will also help to expand Migme's reach into key markets that include the Philippines, Indonesia and the India.

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The collaboration between the two companies offers the opportunity to create something akin to the  "Instagram and Snapchat experience".

Established in 2006 in Australia, Migme provides services such as social chatting, blog and gaming applications, with a total of 32 million active users every month. The company has offices in Hong Kong, Taiwan, Indonesia, Malaysia and Australia.

Meitu, on the other hand, has over 900 million active users across its portfolio of products - most of them in China. The company's MeituPic app is one of the most popular photo editing apps in China, with over 500 million users worldwide. Other apps Meitu developed apps include PosterLabs, POMELO and Beauty Camera.

"We are excited to have Meitu as a strategic partner. As one of the largest photo and video apps in the world, they are a leading content producer for China and East Asia, and we very much look forward to our collaboration together," Chief Executive Officer of Migme Steven Goh said. "Cooperation between Meitu's amazing products and migme as a platform, could provide an experience set comparable to an Instagram and Snapchat experience, and be a great service for all our key influencers, opinion leaders, driving further growth, engagement and monetisation of the business."

TagsMigme Meitu Partnership MOU March 2016, Migme Limited, Meitu apps, Meitu Migme News