FriendFinder Networks Acquires JigoCity

FriendFinder Networks
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FriendFinder Networks announced September 12th that they have acquired BDM Global Ventures which owns JigoCity. JigoCity is similar to the popular Groupon website which offers visitors local daily deals. JigoCity has about 150 employees and has offices in China, Brazil, Australia, Singapore, Malaysia, Taiwan and the US (Los Angeles). JigoCity has about 1 million members. Revenue in July for JigoCity was $600,000 and in August it was $1.1 million.

The acquisition cost FriendFinder 1.6 million in shares and about 6.4 million in warrants with exercise prices ranging from $5 to $18 per share.

For more on the story you can read the press release.