Thursday, July 21, 2011

New Hope's sold for $100M

Thursday, July 21, 2011 | By Crissa Shoemaker DeBree, the New Hope-based social networking site focused on teens, will be sold to Quepasa Corp. for $100 million, the two companies announced.

The deal between MyYearbook and Quepasa, owner of the Latino social network, will allow both companies to expand globally and increase revenues generated from users, executives said.

“What this really gives us is global reach,” said MyYearbook CEO Geoff Cook. “At the end of the day, what we’re after is creating the leading global platform for social discovery. You can’t do that if you’re just in the United States. This expands our coverage dramatically. We’re going to have a much stronger user experience and a global brand.”

Together, the two companies had annual revenue of $33.6 million and earnings of $5.9 million as of March 31. They also had 2.4 billion monthly page views.

Quepasa, headquartered in West Palm Beach, Fla., is a publicly traded social networking company dedicated to Latino users. It has a large base of members in Mexico and Brazil.

MyYearbook, founded in 2005 by siblings Catherine and David Cook when they were still in high school, is the leading social networking site for teenagers and one of the Internet’s top sites by page views. Last month, Catherine and older brother Geoff won Ernst & Young’s Entrepreneur of the Year award for Greater Philadelphia.

Quepasa will pay $82 million in stock and $18 million in cash to fund the acquisition. The deal, which requires shareholder approval, is expected to close in the fourth quarter.

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