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Playspan acquires Spare Change
By siliconindia
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Thursday, 23 April 2009, 00:55 IST
Mumbai: PlaySpan, a player in monetization solutions for online games, virtual worlds, and social networks, has entered into an agreement to acquire Spare Change, the first and largest micropayments solution on social networks whose platform enables buyers and sellers to transact safely, easily and inexpensively. The PlaySpan platform for online games enables in-game search, commerce, and communication.
The acquisition further solidifies PlaySpan's global leadership position in monetization of social networks, online games and virtual worlds.
Spare Change increases PlaySpan's ability to target the emerging social networking space and further enable millions of consumers worldwide to to purchase premium content and virtual goods from online games and virtual worlds.
"Spare Change was designed specifically for social networks, so it complements our existing monetization platform for online games and virtual worlds," said Karl Mehta, Founder and CEO of PlaySpan.
"Combining Spare Change's fast growing user base with our deep operational experience and trusted brands provides a one stop monetization solution for our developers and publisher partners worldwide. In addition, its founders, Lex Bayer, Simon Ru, and Mark Rose have impressive social network monetization experience that will complement our management team and add significant value to our clients and end users. We are very excited to add Spare Change to the PlaySpan platform," Mehta added.
PlaySpan, which was featured in the SI 100 list compiled by siliconindia magazine in November 2008, has the backing of investors like Easton Capital, Menlo Ventures, STIC and Novel TMT Ventures. For publishers, using PlaySpan's platform proves beneficial in attracting and retaining new gamers, those who wish to transact, make money, and connect with friends in the virtual world. PlaySpan then earns royalties on each transaction, creating a viable long-term business model.
