Money

Young Entrepreneurs Sell "MyYearbook" for $100 Million

| by Mark Berman Opposing Views

A Latino social network called Quepasa announced Wednesday the acquisition of a website called MyYearbook for $100 million. Not a huge deal by Wall St. standards, but it is newsworthy because of the age of the entrepreneurs behind MyYearbook.

Brother and sister Catherine and David Cook are just 21 and 22-years-old respectively. They were teenagers back in 2005 when they were flipping through a high school yearbook and came up with the idea to make a digital version, according to Business Insider.

Over the ensuing six years, the siblings raised $17 million in financing, growing the site to 70 million users.

The deal is for $82 million in Quepasa stock and $18 million in cash -- plenty of cash for the pair of youngsters.

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In a letter to MyYearbook's 100+ employees, another sibling, company CEO Geoff Cook, wrote:

"I don’t consider this an exit or the end. I consider it the end of the beginning, and I believe we have a lot more innovative products to create."