Palo Alto, CA — Online social network Friendster has hired Morgan Stanley to help it seek a buyer for the company, or at least some of its assets, according to a report from TechCrunch. Documents obtained by TechCrunch indicate that Friendster is courting potential suitors in Asia, were 75% of its 100 million registered members reside.
The company claims to be attracting 100,000 new users and 500 million page views daily, although U.S. users fell 45% year-over-year in May, to 21 million.
The documents hint that Friendster will seek to add virtual goods, games, dating, music and classifieds in a bid to generate additional revenue.
The company has to date raised a total of around $45 million in venture capital.
By Mark Hefflinger
July 27, 2009
source: dmwmedia.com