Malaysia’s MOL Global acquired Friendster
The acquiring company expects to generate US $110 in revenue from the acquisition says MOL Global’s CEO, Ganesh Kumar, after signing the ceremony today.
The two companies entered partnership in October where MOL was appointed to provide an integrated payments platform, as a foundation for The Friendster Wallet and The Friendster Gift Shop, for Friendster’s users.
In 2003, Friendster pioneered social networking, and today is a leading web site in Asia, with over 75 million registered users and over 90 percent of daily traffic coming from the region. However, it has already lost its edge in the US because of MySpace and Facebook.
The amount of acquisition is not disclosed but according to previous reports, Friendster is to be acquired for just $100 Million.