myYearbook sold for $100 million - Technical.ly Philly

Growth

Jul. 20, 2011 9:25 am

myYearbook sold for $100 million

Quepasa, based out of West Palm Beach, runs a Latin-focused social network. No word yet on whether myYearbook will move from its New Hope headquarters. According to myYearbook CEO Geoff Cook during a conference call with the media, the two sites will combine to have 70.9 million users.

myYearbook, the social network for high school students and one of First Round Capital’s local investments, has sold for $100 million Quepasa Corp. The deal was for $82 million in Quepasa common stock and approximately $18 million in cash, according to a press release.

“We are thrilled to bring our vision of social discovery to a global audience through combination with Quepasa,” noted Geoff Cook, CEO of myYearbook. “Meeting new people is now — and has always been — one of the Internet’s core activities. This combination creates the scale needed to build the #1 player in social discovery”

Quepasa, based out of West Palm Beach, runs a Latin-focused social network. No word yet on whether myYearbook will move from its New Hope headquarters. According to myYearbook CEO Geoff Cook during a conference call with the media, the two sites will combine to have 70.9 million users. The partnership seems to be an aim of combining MyYearbook’s product and monetization efforts (the site averages $1 a month per user) with Quepasa’s growing Latin audience.

The news comes on the heels of the sale of ClickEquations, leaving Monetate, Packlate and Solve Media as the remaining First Round Capital-funded companies based in the Philadelphia region.

Reader the 8-K filing about the merger here.

 

Companies: MeetMe, Quepasa
People: Geoff Cook
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