MEDIA RELEASE PR37532
MOL Global to Acquire Friendster
KUALA LUMPUR, Dec. 10 /PRNewswire-AsiaNet/ --
MOL Retail and Payment Channels and Leading Online Social Network Combine
to Form Massive Content Distribution and E-commerce Platform in Asia for Over
100 Million Users
MOL Global Pte. Ltd. ("MOL Global"), an affiliate of leading online payment solutions provider MOL
AccessPortal Berhad ("MOL"), and Friendster, Inc. ("Friendster"), the operator of a top global web site based
on traffic and a leading social network in Asia, announced today they have entered into a definitive agreement
under which MOL Global will acquire 100% of Friendster. The principal shareholder of MOL is Tan Sri Vincent
Tan, the Chairman and CEO of Berjaya Corporation Berhad, a leading, diversified Malaysian conglomerate
that has annual revenues in excess of US$1.8 billion. Following the acquisition, the operations of MOL and
Friendster will be combined to create Asia's largest end-to-end content, distribution and commerce network,
pairing MOL's offline retail channel partners and payment platform with Friendster's large online footprint,
social network and user community in Asia.
"The merger with Friendster will continue to transform the social networking industry, combining a highly
intuitive and successful social media site and online marketing channel with an integrated payment platform
and content network which includes games, goods, gifts, music and video. We are creating a unique company
that will be well positioned to provide content to a huge, regional user base, here in Southeast Asia," said
Ganesh Kumar Bangah, president and chief executive officer of MOL.
MOL uses the leverage of a network of over 500,000 physical and virtual payment channels across 75
countries worldwide to collect payments for content and services. Its core markets are Malaysia, Singapore,
Indonesia, Philippines, Thailand and India. MOL has relationships with over 70 online game publishers that
have a suite of over 200 online game titles. It also has partnerships with music, movie and video content
owners and distributors across the region.
"Friendster and MOL are both industry pioneers and are close partners. This combination is a natural
progression of our relationship and will be an industry-changing event," said Richard Kimber, chief executive
officer at Friendster. "The new combined entity gives Friendster the kind of financial backing, retail distribution,
and e-commerce infrastructure that will enable us to accelerate our strategy and create a locally relevant, fun
experience for our users in Asia, both on and offline."
In 2003, Friendster pioneered social networking, and today is a leading web site in Asia, with over 75 million
registered users and over 90 percent of daily traffic coming from the region. Asian youths have embraced
Friendster and use it as their primary means of connecting to and keeping in touch with friends, self-
expression, sharing content and news with friends, and as a source of entertainment. Friendster users also
enjoy local music, gifting, photo sharing, online games, and using Friendster on their mobile devices. All of
these are incorporated in Friendster's product suite and will be further developed over time with MOL,
specifically with Asian youths in mind.
Friendster and MOL entered a global partnership in October of this year where MOL was appointed to
provide an integrated payments platform, as a foundation for The Friendster Wallet and The Friendster Gift
Shop, for Friendster's users. The new combined entity will now build upon that initial set of products to deliver
a content distribution network and e-commerce platform, enabling a wide array of content to be distributed to
Friendster's community and monetize via micro-transactions using MOL's payment platform. MOL will use the
leverage of its physical distribution networks to localize and extend the online reach of social networking in
Southeast Asia to the physical world through Tan Sri Vincent Tan's substantial assets across Malaysia and the
region, including retail franchises in Malaysia and across Southeast Asia such as Starbucks, 7-Eleven,
Borders, Krispy Kreme, Wendy's and Papa John's Pizza, just to name a few.
Friendster recently launched a new brand and web site packed with new features representing a significant
milestone in the company's history and further signifying the company's evolution to focus on the Asian youth
market. The notable changes include a new fun-centric brand, and a redesigned web site with a focus on local
relevance, fun and simplicity.
The combined entity will maintain offices in various locations, around the world, including Mountain View,
CA (USA), the Philippines, Malaysia and Singapore. Ganesh Kumar Bangah will become the Group Chief
Executive Officer of the combined entity while Richard Kimber will become the Non-Executive Chairman.
About MOL
MOL is a MSC Malaysia Status Company that operates and develops payment systems. MOL handles over
60,000,000 payment transactions a year with an annual payment volume of over US$200 million. It leverages
on a network of over 500,000 physical and virtual payment channels across more than 75 countries and linked
to 65 banks in 15 countries worldwide to operate its key payment products, namely MOLePoints, an online
micropayment system for content and services; MOLeTopUp, an electronic prepaid distribution infrastructure;
MOL Freedom, a multi-application prepaid payment card; GamesHive, an online game payment aggregator;
MOL Wings, a payment aggregator for wired and wireless internet service providers; MOL Zone, a multi-
application mobile payment service; and MOL SafePay, an escrow-based payment system for micro-
merchants.
MOL was recognized as one of Asia Pacific's fastest growing technology companies in the Deloitte
Technology Fast 500 Asia Pacific Awards in 2005 and 2006 and has won a Merit Award for the Best of E-
Commerce Applications in the MSC Asia Pacific ICT Awards.
About Friendster
With more than 115 million members worldwide, Friendster is a leading global online social network.
Friendster is focused on helping people stay in touch with friends and discover new people and things that are
important to them. Friendster is one of the best sites that allow people to meaningfully participate with others
in exciting and fun ways. Friendster prides itself in delivering an easy-to-use, friendly and interactive
environment where users can easily connect with anyone around the world via www.friendster.com or
m.friendster.com from any Internet-ready mobile device. Friendster has a growing portfolio of patents granted
to the company on social networking, with more expected over the next several months. For more information,
SOURCE: Friendster, Inc.
CONTACT: US Media Contact
Jeff Roberto of Friendster
+1-650-237-1411
press@friendster.com
or
International/Asia Pacific Media Contacts
Nor Badron of Friendster
+65 9186.3010
nor@friendster.com
or
Halida Abu Bakar of MOL AccessPortal Berhad
+603.2082 1251
halida@mol.com
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