Social-media holding company Quepasa Corp has proposed to purchase the New Hope, Bucks County-based myYearbook.com for $100 million, reports the Philadelphia Inquirer.
Quepasa, based in Miami, will pay $82 million in stock and $18 million in cash for the website, according to a Quepasa statement.
MyYearbook made $23.7 million in advertising sales in 2010. Founder Geoff Cook told the Inquirer that after the deal goes through they'll stay headquartered in New Hope and that location will still be “the lead development, safety and sales location.”
Cook will continue to lead the company, assuming the titles of Chief Operating Officer and President of Consumer Internet. The current myYearbook staff is also expected to keep their jobs.
Something that separates myYearbook from other social networking sites, such as Facebook, is that myYearbook allows users to meet new people on their site rather than having users build their networks solely out of existing friends.
MyYearbook boasts about its "significant mobile social platform." One of the most successful methods that myYearbook utilizes to connect people is gaming. Their sites feature social flash games. A partnership with Quepasa, which has its own social game development group, is expected to make their already successful gaming system even more effective, states the Inquirer.
