Social networking site for old people BOOMj.com has been acquired (or merged into: they say both) by Time Lending California, a company that engages in “direct mail marketing for mortgage companies” as well as real estate loan brokering and real estate sales.
Under the deal, the OTCB listed Time Lending will change its name to BOOMj.com Inc. George Pursglove, President and Chief Executive Officer of BOOMj.com/ Time Lending said the deal is a “milestone in the continued creation of shareholder value that will provide BOOMj with access to capital markets which will help our company’s growth and greatly enhance our visibility and market awareness.” To an outsider it sounds like Time Lending is bolting on a web site in an attempt to ride the current boom in net stocks, but that may be just me being too cynical, after all I’m sure a real estate and direct marketing company knows a ton about running a social networking business.
Time Lending California’s previous acquisitions include Nationwide Security Mortgage Corp.
Social networking for baby boomers is a crowded market place that is seeking an audience at a time that older users are embracing sites such as Facebook and MySpace. Competitor Eons slashed staff in September.
Terms of the deal were not disclosed.
Comments
I don’t get it… We got mortgage crisis and California is on fire. How does banks & insurance pay middle-upper class homes?
If you re-built new homes it cost lot of money, time, and stock market would drop.
Holy crock of shite!
John
it’s certainly one of the more bizarre acquisitions I’ve reported on. It reminds me of the first web boom where in Australia at least web companies would merge with crappy mining stocks for a back door listing to cash in without having to jump through all the hoops.
Let the scamming old people begin. This is a perfect relationship for a mortgage company looking to reverse mortgage old peoples homes, deliver zero value life insurance policy. I am sure they will even have special advertisements for “Irish Travellers Home Repairs”.
i don’t get it either.
anyway, an up-an-comer in this space worth checking out is http://www.tbd.com.
Weird bedfellows but sometimes relationships aren’t based on looks… there must be something else going on as this isn’t likely to be a trivial amount of money being thrown around.
Jon
Maybe they’ll change the focus of the social networking site, b/c that is truly odd. Or maybe shift to real estate for managed home care - that market is going to explode in the next 10-20 years. My grandmother has been on a waiting list for one for almost 4 years now.
You guys are crazy. I be that the mortage company merged with Boomj because they saw the potential for growth in the field. Eons is there biggest competitor and they are truly for old people. Boomj is for people in their 30’s and above. Have you guys been to the site, its nothing like you would expect. Its basically a portal with a ton of content that is targeted at people just above the facebook ages. Also, I checked out TBD and that thing really is for old people. Gross.
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