August 19, 2008
AOL Acquires Social Media Aggregation Company
Time Warner company AOL has agreed to buy social media aggregation company Socialthing for an undisclosed sum.
Boulder, Colorado-based Socialthing will become part of AOL's People Networks division, which was formed in March formed after AOL's $850m acquisition of social networking site Bebo.
Matt Galligan, founder and chief executive of Socialthing, said: "We have a good opportunity ahead to integrate into some other AOL products that might change the way you see social aggregation. Both on the aggregation and on the publishing side, we are excited to work alongside AOL."
AOL has taken the acquisition route to shore up sagging online advertising revenues. The company reported a 16% decline in revenue to $1.1bn during the second quarter 2008. As well as the Bebo acquisition earlier this year, it also acquired contextual-search tool developer Sphere Source, and widget development and analytics tools company Goowy Media.