AT&T and Nokia with other partners have invested $24 million in Zvents, a local online search engine based at San Mateo in California. It employs nearly 55 people. Its major business comes from an ad network which includes more than 250 media, advertising and mobile device partners.

 

Zvents with the earned money will expand its ad network of local listings. Also, it has plans to invest in its technology where people using mobile telephones and other devices find information on events, such as store sales, dining specials, sporting events and concerts.

 

Zvents aims to facilitate local businesses to use those events for advertising. The firm caters companies like Viacom's mtvU campus guides online network and Microsoft Corp's MSN CityGuides, McClatchy Co and the New York Times Co. etc.

 

However, the latest investment does not seem enough for the firm. Zvents CEO Ethan Stock commenting on the funding from different sources, and future of his firm opined that either an IPO (initial public offering) or an acquisition is more or less inevitable.