Biggest Facebook App Acquisition Yet: TripAdvisor Reportedly Acquires Where I’ve Been for $3 Million (Update: TripAdvisor denies…)
Update: TripAdvisor’s Brian Payea has responded: “This is untrue. Beyond that, we do not have any comment.” Payea would not specifically comment on whether acquisition hasn’t happened or simply that the reported price was inaccurate. Take it for what you will…but for now, though this is not a ridiculous price given the canvas page views and CPMs I would expect Where I’ve Been to be generating, it seems like the first big Facebook app acquisition is still yet to happen.
Just two months after asking, “I Have 250,000 Users, Now What?”, Craig Ulliott has an answer.
In what is by far the largest Facebook application acquisition to date, travel company TripAdvisor has reportedly acquired Where I’ve Been from Craig Ulliott for $3 million.
The acquisition marks the first major successful exit of a Facebook application since the Platform launched just under three months ago.
The $3 million price tag values Where I’ve Been users at about $1.30, or almost 30 times the 4.6 cents per user Slide paid for Favorite Peeps two months ago.
If confirmed, this acquisition marks a major step toward validating the value rapidly being created by Facebook platform developers. Many have questioned the liquidity of the Facebook application market beyond the $60k range that Slide paid to acquire Favorite Peeps.
“This means Facebook is a real platform,” said Naval Ravikant, founder of Hitforge, an investor in the Facebook platform.
“I do think he sold too early, but $3M is a great return for the amount of time he invested.”
Certainly! For a developer once unable to afford a server to handle his bustling app traffic, a $3M sale is sure to inspire additional development and investment in the Platform. Congratulations to Craig for hanging on and leading Where I’ve Been to a successful exit!