European social networking site Netlog is to become part of a newly established social media company dubbed Massive Media, the company announced yesterday.
The Ghent, Belgium-based company says its product portfolio will soon be expanded to new markets but declined to disclose any further information on future projects at this point.
Co-founder and CEO Lorenz Bogaert did reveal that the company recently hired 25 new employees to work on new endeavors inside Massive Media.
What we also know is that Netlog’s online gaming division, Gatcha!, will be structured into a separate business unit, and that the current shareholding structure of Netlog will remain unchanged in its transition to a property of the Massive Media group.
Gatcha!, which was launched back in October 2009, will henceforth be headed by Simon Perry. Formerly at multi-platform casual games company Oberon Media, Perry brings some gaming industry clout to the table.
Gatcha! will continue to operate from Ghent, but will also open a New York office, as previously announced. Massive Media is also establishing an office in Dubai for business development in the MENA markets, which will be managed by Timothy Bataille.
In 2007, Index Ventures and Atomico Ventures invested 5 million euros in Netlog – the company hasn’t raised any funding since then. Bogaert tells me the company’s profitable and will only look to raise more funding if and when it plans to make acquisitions in the future.
(Thanks to @lievenvos)