U.S. social networking site Tagged on Wednesday the acquisition of another well-known social networking site Hi5, but the two sides of the transaction were not disclosed for details. In 2008, Hi5 ranking second only to Facebook and MySpace, was one of the most popular social networking site.

completion of the acquisition, Hi5 website will remain open, the user can either enter through the pages Tagged Hi5, can also be entered directly from Hi5. Hi5 to all users will be fully transferred to Tagged’s. In this regard, Tagged’s CEO Greg Tseng said the acquisition Tagged Hi5 able to double the number of active users, from the current 10 million to 20 million. Tagged the number of registered users from the current 100 million soared to 300 million.

Tseng said: “To compete with Facebook, you must not cover the field in the Facebook advantage. Fall of MySpace is an example of it beginning to compete with Facebook, ineffective, and finally because of restructuring is too slow and dying. After the acquisition of Hi5, Facebook will make it difficult to dominate the field coverage. “At present, Facebook is focused on helping users to people they know through the network link, Tagged difference is that it provides for users to make new friends, a good platform.

Tseng said there has been Tagged profitable, the company’s revenue in 2010, $ 33 million, this year’s revenue of 43 million to 45 million U.S. dollars between. Tseng also said that if the company’s revenue to double by 2012, he would consider the market.

via WSJ