NY-based photo-sharing site/social network Fotolog has been acquired, a source familiar with the deal confirms. Valleywag reported earlier today that Fotolog fetched more than $100 million from a “large Latin American company.” Our source suggests that figure is a bit high. UPDATE: Deal announced. France-based Hi-Media Group will pay $90 million in stock and cash for Fotolog.
Fotolog recently hit the 10 million member mark, with its user base predominantly located in Europe and Latin America. A $100 million acquisition means about $10 per user — more than the roughly $7 per user Photobucket fetched from Fox Interactive Media in its reported $250 million cash/$50 million earnout acquisition earlier this year. Fotolog is more of a destination site than Photobucket, which probably accounts for most of the difference (with the caveat that International users are generally valued less highly than domestic ones).
Meetup founder and CEO Scott Heiferman founded Fotolog in 2002. Last month, the company inked a 3-year search and advertising deal with Google that we estimate is worth a total of $75 million. The company raised $4 million from BV Capital and 3i last fall.