Report: Google Buying Virtual Payments Provider Jambool for around $75 Million

As part of Google’s latest attempt to build a social platform alternative to Facebook, the company is reportedly buying virtual monetization service provider Jambool. The price is $55 million plus an earn-out worth between $15 million and $20 million, according to TechCrunch.

Reached by phone, Jambool cofounder Reza Hussein gave us a firm “no comment.”

Jambool, maker of the Social Gold virtual currency payments wrapper, has been busy building its business both on and off of Facebook — but mostly off, these days, as Facebook has been indicating that it plans to make its Credits virtual currency the exclusive payment option in games. Major developers including CrowdStar and Playdom have already signed on to Credits, essentially removing the need for Jambool’s multi-payment service on Facebook’s platform.

As it has been squeezed out of Facebook, Jambool’s approach has been to argue publicly against Facebook’s idea of Credits — see this recent guest post from cofounder Vikas Gupta for more on that — and to expand with other partners. One of those partners is MySpace, also a Google ally against Facebook.

Given that Google is trying to create an alternative to Facebook, and that Jambool can only really function off of Facebook, this deal seems like a good fit. Jambool’s founders, Amazon payments veterans, can help Google figure out how to integrate payments as part of a social platform. Of course, this follows Google’s recent purchase of Slide and its investment in Zynga, other moves designed to bolster its social leadership and product portfolio.

Jambool had raised $6 million in two rounds of venture funding.

Sponsored Post

Hands-On Social Media Training for Beginners


Social Media 101
In our Social Media 101 boot camp, you’ll determine the social media sites that matter most to you, based on personal and professional goals. Starting May 13, you will learn the best practices for using Facebook, Twitter, LinkedIn, Google+, Pinterest, Instagram and Tumblr, along with complete personal profiles on each site. Register today!

Leave a Reply

2 Responses to “Report: Google Buying Virtual Payments Provider Jambool for around $75 Million”

  1. Offerpal Gets Another New CEO, Mihir Shah says:

    [...] would need to radically change its business plan, along with services like Social Gold (which was recently bought by Google). To transition off Facebook, Offerpal has been looking everywhere it can, including mobile offers [...]

  2. Google’s Chrome Web Store Puts Social and Casual Games Side-By-Side says:

    [...] free apps may do best on the Web Store. Over time, a base of repeat payers using Google Checkout or Google acquisition Jambool may build up, but Google has yet to even figure out monetization of paid apps on its Android mobile [...]

interested in advertising with inside social games?

Social Media Jobs
of the Day

Social Media Manager

GLOW
New York, NY

Social Media Editor

The Wall Street Journal
New York, NY

Social Media Manager

Sustain Condoms
New York, NY

Social Media Manager

Wetpaint Entertainment
Seattle or New York,

Website Business Development Manager

Springer Publishing Company
New York, NY

Featured Company

Join leading companies like this one and recruit from the nation's top media job seekers on the Mediabistro Job Board. Every job post comes with our satisfaction guarantee. Learn More
 

Our Sponsors

Also from Inside Network:   AppData - Facebook & iOS Application Stats   PageData - Engagement Data on Facebook Pages   Facebook Marketing Bible   Inside Network Research
 
home | site map | advertising/sponsorships | about | careers | contact us | help courses | browse jobs | freelancers | events | forums | content | member benefits | reprints & permissions terms of use | privacy policy Copyright © 2014 Mediabistro Inc. call (212) 389-2000 or email us