Social Networking - Monday, August 13, 2007
Classmates.com Files $125M IPO
As a site that covers private technology startups, we didn't think that we would be covering Classmates.com (unless perhaps it was buying another startup). The company is after all a division of United Online (UNTD). But eying Wall Streets interest in social networks, combined with strong revenues from Classmates, United thinks its a good idea to spin-off Classmates and take it public.
The company plans to trade under the ticker “CLAS” and its IPO is being led out by Goldman Sachs, JP Morgan and Deutsche Bank. Classmates says it has 50M registered users and 2.7M paid accounts. United Online acquired Classmates in November 2004.
Another company that was acquired by Classmates, MyPoints, will be part of the offering. Classmates.com was founded in 1995, so it a bit of a irony that such an ancient site will be a testing ground for valuations of Web 2.0 social media.
Read - Press release
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