Friendster Sold To MOL Global.

Friendster Mol Global Weseepeople.blogspot.com

The social networking site Friendster has been sold to MOL Global, a Malaysian payments company. Friendster is one of the oldest social networking companies that had a face lift recently. Eventhough it has lost the glamour a glitter in the USA, it still has a lot of users (about 75 Million) else where, mostly in Asia.
MOL Global Pte. Ltd, an affiliate of leading online payment solutions provider MOL AccessPortal Berhad handles payment transactions totaling  an annual payment volume of over US$200 million. It provides systems to collect payments for online content and services.

“The merger with Friendster will continue to transform the social networking industry, combining a highly intuitive and successful social media site and online marketing channel with an integrated payment platform and content network which includes games, goods, gifts, music and video. We are creating a unique company that will be well positioned to provide content to a huge, regional user base, here in Southeast Asia,” said Ganesh Kumar Bangah, president and chief executive officer of MOL.

“Friendster and MOL are both industry pioneers and are close partners. This combination is a natural progression of our relationship and will be an industry-changing event, The new combined entity gives Friendster the kind of financial backing, retail distribution, and e-commerce infrastructure that will enable us to accelerate our strategy and create a locally relevant, fun experience for our users in Asia, both on and offline.” ” said Richard Kimber, chief executive officer at Friendster.

The combined entity will maintain offices in various locations, around the world, including Mountain View, CA (USA), the Philippines, Malaysia and Singapore. Ganesh Kumar Bangah will become the Group Chief Executive Officer of the combined entity while Richard Kimber will become the Non-Executive Chairman.