Tagged: Hi5 Acquired by Tagged Inc
Does anyone remember Hi5 ? Well yeeessss, if you stress your brains a little more you might also realize that you also had an account over it. 🙂 Hi5 was once considered as closest competitor for Facebook in 2008. But now Hi5 has been bought by San Francisco based social networking service Tagged Incorporation. The amount for which Hi5 was acquired has not been disclosed so far. Presently Tagged.com has a userbase of 100 million, with almost 20 million active users. But with acquisition of Hi5 the number is set add more 200 million users.
Hi5 was suffering revenue losses and employee layoff in past, after trying it luck in social gaming field, when simple social netowrking was not working for them. The company managed to stand for sometime but eventually succumbed to huge competition. The acquisition of Hi5 will give a kick to Tagged.com as it is growing very fast
“Tagged is the perfect home for Hi5 as it continues to prove itself as a major contender in social. At Hi5 my colleagues and I recognized the unanswered opportunity to connect new people online, and I’m thrilled that Tagged is making strides to fulfill this mission.”
— Alex St. John (Former CTO, Hi5)
Tagged is penetrating into social networking markets at a good speed, the company has doubled up its team and have also acquired Digsby on 19th April 2011, the much admired social application for instant messaging.
An opportunity of this magnitude is uncommon and exciting as the addition of Hi5 immediately doubles our overall active user base and grows combined registered users past 330 million members. Hi5’s global footprint complements Tagged’s and instantly builds on our leadership position as the world’s first, largest and best social network to meet new people.
— Greg Tseng (CEO, Tagged)
Tagged is also expected to increase their revenue base by another $10-15 million with acquisition of Hi5.