Comcast Acquiring Contact Management Social Network, Plaxo
“We think the combination of Plaxo and Comcast together can supercharge both of our products,” stated Sam Schwartz, EVP of Comcast Interactive Media. “Comcast is looking at Plaxo to become the social media backbone of its products.”
Comcast Corporation (NASDAQ:CMCSA), the $66 billion U.S. cable operating company is acquiring Plaxo Inc. Comcast will be taking Plaxo technology and encourage their 24.1 million clients base to synchronize address books and socialize on the network. The Plaxo social network will be integrated in other Comcast properties: Comcast.net, Fancast.com, and Fandango.com.
Plaxo is based in Mountain View, Calif. and has previous investments from Cisco Systems Inc. and former Yahoo! CEO, Tim Koogle.Â Comcast will allow the team to maintain operations in California even though the cable company is based in Philadelphia.
The acquisition price was undisclosed, but it is rumored thatt the amount was around $150-$170 million.
Plaxo technology is already running on Comcast.net.
“Right now on Plaxo you have a lot of people who are sharing photos,” stated Plaxo CEO, Ben Golub . “On Comcast, you … also share them with your grandmother when she turns on the TV.”
ValleyWag was the first to speculate the acquisition possibility in February 2008.
 Associated Press:Â Comcast to acquire contact manager Plaxo by Deborah Yao