Russia’s Digital Sky Technologies (DST) has taken complete ownership of Odnoklassniki.ru, acquiring the remaining 20% in the social networking site it did not already own. The stake was acquired from Albert Popkov, the site’s founder.
Estimates put the value of the transaction anywhere between USD $14 million and USD $28 million. The deal, which has already been approved by Russian antimonopoly regulators, comes on the heels of DST’s recent acquisition of Mail.ru. The Russian Internet investor continues to buy up lucrative companies in anticipation of a possible IPO next year.
Odnoklassniki.ru (www.odnoklassniki.ru)
Odnoklassniki.ru is a Russian social networking portal in the same vein as Facebook. The site generates income from paid advertisements, links, games, and other paid services. Odnoklassniki was involved in a suit filed by I-CD in 2008, alleging that Popkov started the site while working for them. I-CD dropped the suit late last year. Odnoklassniki’s 2009 revenues came in at USD $49 million, doubling the revenues from the previous year. Net profit was reported at USD $1.6 million. Founded in 2006, Odnoklassniki.ru claims 10 million daily visitors and 45 million registered accounts.
01/09/2010
Central & Eastern Europe, Internet, E-Commerce & E-Services, Investment, Private Equity News, Russia