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September 20, 2010

Naspers internet unit buys controlling interest in Multiply

Multiply to work under the same management team

By CBR Staff Writer

The Myriad International Holdings unit of Naspers has acquired a controlling interest in Multiply, operator of the Social Shopping site Multiply.com.

Multiply blends social networking with an online marketplace that now numbers over 70,000 merchants and 20 million monthly unique visitors.

Multiply said that it will continue to operate under the same management team, after this acquiaition.

The Multiply Marketplace was launched earlier this year to provide an easy way for sellers to be found by buyers within the Multiply network.

Multiply president and CEO Peter Pezaris said that they will be able to draw from Naspers expertise and resources as they solidify their leadership in the Social Shopping space in Southeast Asia.

"We are continuing to grow the Multiply Marketplace in the region, and Naspers’s backing will no doubt help us accelerate that growth," Pezaris said.

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