Blog Post

It’s Official: Google Acquires Virtual Currency Company Jambool

As expected, Google (NSDQ: GOOG) has bought social payment provider Jambool, the start-up announced on its homepage. The company didn’t disclose the terms of the deal, but TechCrunch, which first reported the news earlier this week, estimated it to be around $70 million, including earnouts. Google has not issued a statement yet, nor have they returned messages seeking comment.

In its statement, Jambool’s founders, Vikas Gupta and Reza Hussein, don’t say anything more about the acquisition other than that they’re happy to join the Google family. They don’t discuss how they’ll fit in to Google or what, if any, changes the company and its products will undergo.

They did, however, offer a look at Jambool’s evolution. The company started as a social collaboration platform in 2006. The next year, it shifted focus to build apps on social nets, which made real money through virtual currency and goods. That led to a platform helping developers create, host, manage and generate revenue from the virtual economy.

Specifically, Jambool