Breaking: Yandex acquires Russian professional networking site Moikrug

By Vivek | March 29th, 2007 at 05:44 pm ET         

StartupSquad has learned from a recent tipoff that Yandex, the leading search engine in Russia with some 5m daily visitors, acquired Moikrug or MyCircle, the largest social networking site for Russian-speaking professionals in other words LinkedIn for Russia. The rumored acquisition price is up to US$ 5m including cash and Yandex stock options. Moikrug is said to have some 100k registered users. Yandex recently reported revenues of $ 72m in 2006 (of which 80% is from search ads).

The above acquisition seems to be in reaction to Xing’s recent acquisition of eConozco that I had written just couple of days back.