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Google to buy virtual currency outfit Jambool - TechCrunch

10 August 2010  |  9348 views  |  0 add to basket

Google has agreed a deal worth up to $75 million to buy Jambool, the company behind Social Gold, a virtual currency platform used for online games and applications, according to TechCrunch.

Citing "multiple sources", the tech blog says Google will pay $55 million for the company, with another $15 million to $20 million in an earnout. The move pits Google squarely against Facebook and its Credit virtual currency.

The Social Gold platform is used by developers of applications on social networks like Facebook and MySpace as well as online games to create currency systems and monitise their offerings.

Jambool - founded by Amazon veterans Vikas Gupta and Reza Hussein - initially developed its own games on social networks before switching its focus last October.

It now offers other developers a platform for virtual currency, payments - including via credit cards, Paypal, Google, Amazon and mobile phones - and analytics.

Last August the firm raised $5 million in a series b financing round led by Madrona Venture Group.

Another Piece To Google's Social Puzzle: To Acquire Jambool For $70 Million - TechCrunch

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