Russia’s Yandex Acquires Biz Social Networking Site

Yandex, the Russian portal and WiFi network operator, has acquired Moikrug.ru, which claims to be the country’s largest social networking site for professionals. This is much like Linkedin, but in the Russian business space. Moikrug roughly translates to MyCircle.
Regular and active a:c euro reader Yakov Sadchikov, co- founder of Russia-based search company Quintura, uses the term ‘acq-hired’ to describe the deal, suggesting the know-how and experience of the team at Moikrug was the attraction. Moikrug is said to have some 100k registered users.
No disclosure on price but rumors range from $1.5M to up to $5M including cash and Yandex stock options.

Read the full story - Yandex buys social network MoiKrug.ru

Originally posted on Wednesday, April 4th, 2007
Search Marketing, Venture Capitalism, Social Media, Tagging, Video Blogging, Technology, Russian Marketing.