Naspers Acquires Controlling Stake In Multiply.com
Naspers Limited, a multinational media company based in Cape Town, South Africa has acquired a controlling interest in Multiply.com. The acquisition was made through the Myriad International Holdings unit of Naspers. Multiply.com will continue to operate under the same management team after the acquisition.
Multiply.com was founded in 2004 and raised $26.6 million in venture capital ever since. In Multiply’s latest funding round November 2008, Multiply.com was valued at $100 million.
Back in October 2008, Microsoft Corporation handed off MSN Groups to Multiply.com. Multiply.com is more than just a social network now. The company also encourages media sharing. Multiply.com claims 70,000 merchants and 20 million monthly unique visitors as of right now.
Earlier this year, Multiply Marketplace was launched as a way for sellers to launch e-commerce stores.