Xtreme Labs Leverages Industry Expert for Growth and Innovation in Mobile

Xtreme Labs today announces that Chamath Palihapitiya, former VP of Growth, Mobile, and International for Facebook and Founder of The Social+Capital Partnership, has personally invested in the company to become a significant shareholder. End Quote

(1888PressRelease) October 12, 2012 - TORONTO - Chamath Palihapitiya will join the Board and will serve as an advisor to the Executive team as the company moves through its next phase of growth in mobile application development.

"Since our inception Xtreme Labs has been a leader in mobile innovation, and with this announcement, we are now better equipped to move forward with greater velocity to become one of the world's largest, most successful mobile companies," said Amar Varma, CEO of Xtreme Labs.

Chamath Palihapitiya brings extensive experience and knowledge of both start-ups and the tech industry. In addition to his work in growth and mobile with Facebook, Mr. Palihapitiya has an impressive track record of funding and mentoring start-ups like Playdom (acquired by Disney) and Yammer (acquired by Microsoft) all of which have been incredibly successful.

"Xtreme Labs is one of the best-kept mobile secrets in Silicon Valley. They've built more than 300 custom apps that have been downloaded hundreds of millions of times. Sundeep and Amar have amassed a team of over 150 talented engineers and mobile experts that are behind many of the Valley's most successful mobile experiences," said Chamath Palihapitiya.

Xtreme Labs will continue to collaborate with industry leading brands to bring its mobile products to life including companies such as Groupon, Shutterstock, Rypple (now Salesforce), CIBC and IAC. Since its inception in 2008, the company has worked with consumer brands to bring them to life in the mobile domain. More recently, there has been a significant push to work with businesses on their enterprise focused solutions. For Xtreme Labs, the underlying notion around the enterprise is to build transformative experiences which materially impact the way companies do business. As Xtreme Labs progresses, it will continue to increase its focus in custom application development for other verticals including retail, financial services, education and healthcare.

"This major investment will allow us to continue to focus on what we do best: innovation," said Sundeep Madra, CTO of Xtreme Labs. "We will continue to work with our clients and partners to create outstanding mobile products and experiences, in conjunction with creating open source frameworks to decrease the barriers to development. Xtreme Labs will launch an open source framework platform in the New Year. This will accelerate our abilities to supply leading mobile solutions for some of the world's best companies across all platforms."

With years of experience of collaborating with the world's top brands, along with Palihapitiya's wealth of knowledge and experience, Varma and Madra have found the perfect recipe to propel Xtreme Labs into the future of engineering the world's best mobile products.

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