Limbo and Brightkite announced on Wednesday that the two companies have agreed to merge to create the world's largest location-based social network discovery service.

Together we can execute faster against our combined vision and build a fantastic service for our community of millions of consumers, said Martin May, co-founder of Brightkite, who will now serve as Executive Vice President of Products for Brightkite.

The resulting company will operate under the Brightkite brand and will have a monthly portfolio of two million users and traffic of 50 million SMS messages, the companies said in a released statement.

The two teams shared a common goal of using location-aware mobile services to enhance all of our social lives and Limbo has demonstrated unparalleled success in attracting consumers and advertisers to its services, May said.

The companies did not reveal the financial terms of the deal. The merger is expected to be concluded in the next weeks and. Until then, users will continue to use Limbo and Brightkite as they have in the past.

We are convinced that together we can build the new features our members want, more quickly, on more platforms and in more markets, said Jonathon Linner, CEO of Brightkite and former CEO of Limbo.

The new Brightkite entity has various agreements with Facebook, Apple, more than 25 mobile telephony companies in North America and hundreds of others around the world. The combined entity will have more than two, award-winning products, strong advertising revenues and a highly experienced executive team, the companies said.