The C k Siblings Get Millennial Moguls
MyYearB k Sold for $100 Million
Not used to Montgomery High Sch l in Skillman, N.J., C k and her then 16-year-old cousin, David C k, were confronted with the disheartening task of making new friends in a sch l that is new.
"[We] thought that our current yearb k was a t l that is terrible meeting brand new people," Catherine C k stated in a email interview with ABCNews
The siblings came up with an innovative way of meeting new teens myYearb k while flipping through their yearb k one night.
"It proved that meeting people that are new the kernel concept [of myYearb k] which we then began to innovate and introduce products around," stated Geoff C k, Catherine and David's older brother, whom quickly got active in the task after graduating from Harvard by assisting to f t the bill for the start-up.
Six years later on, the three C k siblings are multi-millionaires.
On Wednesday, myYearb k announced its purchase to your West Palm Beach, Fla.-based Quepasa Corp. for $100 million of combined stock and money.
" This entire experience has been a dream, but I don't see myself being a millionaire. I'm still an ordinary woman," said Catherine C k, who's currently vacationing and attending a relative's wedding in Costa Rica.
Because of the purchase, the family dream-team keeps growing up Geoff C k, 33, will become C regarding the joint companies while his younger cousin David, 22, finishes university at University of Colorado.
Catherine C k, now 21, will remain co-founder of myYearb k as she and her brother enter the elite league of millennial moguls. Being a graduate that is recent of University, Catherine C k now works fulltime at myYearb k.
"we am committed to consider that which we do most useful -- to create myYearb k the top web site to satisfy people that are new" she stated.
Geoff C k, that has offered as CEO of MyYearb k, stated," I don't view this as an exit or the conclusion. I see it as the end regarding the beginning."
QuePasa buys myYearb k
Quepasa Corp. owns Quepasa , a social networking whose users are based mainly in Latin America. John Abbott, CEO of QuePasa, stated that the company is "very excited" in regards to the purchase and hopes to bring the merged organizations to a international market.
""We think myYearb k's proven track record in monetization and engagement will fuel future that is significant," Abbott stated in a statement.
Once the C ks launched it in 2005, MyYearb k operated just like a yearb k that is digital buddies could signal each other's "virtual yearb ks," swap photos and share research guides. The C ks managed to attract 400 users to the site in just a week after their initial launch.
Six years later, this "social discovery" network has evolved, detailed with newly launched real-time social gaming with a video chat capability that is live.
Combined, myYearb k and QuePasa need a lot more than 70 million registered users, the majority of whom have been in the 13 to 24 a long time. Based on Abbott, a major potential for growth lies within mobile apps, as 40 % of myYearb k users access that site via cellular devices.
"Eight months ago we'd 140 million page views through the cellular devices. Now we are doing 1 billion," C k stated. "It wouldn't surprise me personally given the rate of growth for mobile to overtake web."
Your website produces 1 billion page views on mobile platforms and 1.2 billion page views on the web each according to the company month. It has also spread to over 32.7 million users worldwide, handling to remain appropriate in an industry of a deep failing My Spaces and Friendsters.
"The Anti-Faceb k"
C k attributes the success of the company to its consider fulfilling people that are new as opposed to duplicating Faceb k's social graph of connecting with old family and friends.
"MyYearb k allows you to satisfy brand new people who are as you," C k said near you geographically, or who are a similar age to you, or who like to play the same games. "There's a lot of richness to meeting brand new people. It is type of the anti-faceb k in that feeling."
Nevertheless, the myYearb k application and Quepasa software on Twitter have over 2 million and 28,000 month-to-month active users respectively. Abbott views that social networking being a "great way we can draw an audience to the own applications or web site."
"We're actually worked up about the leads of taking the applications that are mobile Geoff has generated and rolling those away in Latin America and then global," Abbott said. "The development potential on that basis is massive."