View source for Quepasa

{{other uses|Que pasa (disambiguation)}}
{{Infobox website
| name           = Quepasa Corporation
| logo           = Quepasa-logo.png
| company_type   = [[Public company|Public]] <br>Previous Stock Symbol ({{NYSE was|QPSA}})
| foundation     = {{Start date|1997}}
| founder        = [[Jeffrey Peterson]]<br>Michael Silberman, [[Executive Vice President|EVP]], [[Chief Financial Officer|CFO]]
| key_people     = John Abbott, [[Chief Executive Officer|CEO]]<br>Michael Matte, [[Chief financial officer|CFO]]<br>Louis Bardov, [[Chief technical officer|CTO]]
| area_served    = [[United States|USA]], [[Latin America]]
| industry       = [[Social media]]
| icon           =
| caption        = Quepasa Online Latino Social Community
| url            = [https://web.archive.org/web/20051207102850/http://www.quepasa.com/ quepasa.com]
| commercial     = Yes
| language       = [[Spanish language|Spanish]]<br>[[English language|English]]<br>[[Portuguese language|Portuguese]]
| registration   = Free
| num_users      = {{increase}} 32 million (March 3, 2011)<ref name="marketwired.com">{{cite web |url=http://www.marketwired.com/press-release/quepasacom-membership-reaches-record-317-million-users-in-february-nasdaq-merr-1405378.htm |title=Quepasa.com Membership Reaches Record 31.7 Million Users in February |date=3 March 2011 |website=Marketwired.com |publisher=P |access-date=26 November 2016 |archive-date=27 November 2016 |archive-url=https://web.archive.org/web/20161127153140/http://www.marketwired.com/press-release/quepasacom-membership-reaches-record-317-million-users-in-february-nasdaq-merr-1405378.htm |url-status=live}}</ref>
| num_employees  = ~75 (2006)
<!--
| fate             = Merged with [[MeetMe]]
| defunct          = April 3, 2012-->
| current_status = Offline
}}
'''Quepasa Corporation''' was a [[United States|US]]-based [[social media]] technology company catering to Latino Audiences worldwide. Quepasa owned and operated Quepasa.com, a social network, Quepasa Games (formerly Techfront),<ref>Techcrunch [https://techcrunch.com/2011/02/01/quepasa-the-facebook-for-latinos-buys-social-game-developer-xtft-for-4-million/ Quepasa, The Facebook for Latinos, buys Social Game developer XtFT for $4 Million] {{Webarchive|url=https://web.archive.org/web/20170812101515/https://techcrunch.com/2011/02/01/quepasa-the-facebook-for-latinos-buys-social-game-developer-xtft-for-4-million/ |date=2017-08-12 }}</ref> a social game development studio, and Quepasa Contests, a social media advertising solution (formerly Quepasa DSM). Initially founded as a Hispanic [[web portal]] and later revived by its founder<ref>{{cite web |url=http://www.bizjournals.com/phoenix/stories/2004/02/02/story2.html |title=Quepasa.com regroups after difficult times |last=Hernandez |first=Ruben |date=Feb 1, 2004 |website=Bizjournals.com |publisher=Phoenix Business Journal |access-date=26 November 2016 |archive-date=27 November 2016 |archive-url=https://web.archive.org/web/20161127152212/http://www.bizjournals.com/phoenix/stories/2004/02/02/story2.html |url-status=live }}</ref> as a [[social network]] that grew to over 30 million users,<ref name="marketwired.com" /> Quepasa was the first publicly traded company focused on the [[Multilingualism|bilingual]] [[English language|English]]/[[Spanish language|Spanish]] language U.S. [[Hispanic]] internet [[Demography|demographic]].<ref>{{cite web |url=https://www.latimes.com/archives/la-xpm-2000-dec-28-fi-5674-story.html |title=QuePasa Becomes First Big Latino 'Dot-Com' Flop |last=Romney |first=Lee |date=28 December 2000 |website=[[Los Angeles Times]] |access-date=26 November 2016 |archive-date=27 November 2016 |archive-url=https://web.archive.org/web/20161127154114/http://articles.latimes.com/2000/dec/28/business/fi-5674 |url-status=live}}</ref>
In 2012, Quepasa suspended operations after a $100 million<ref>{{cite web |url=http://www.businessinsider.com/myyearbook-acquired-by-quepasa-for-100-million-2011-7 |title=This 21-Year-Old Just Sold Her Startup For $100 Million |last=Shontell |first=Alyson |date=20 July 2011 |website=Businessinsider.com |publisher=Business Insider |access-date=26 November 2016 |archive-date=27 November 2016 |archive-url=https://web.archive.org/web/20161127152431/http://www.businessinsider.com/myyearbook-acquired-by-quepasa-for-100-million-2011-7 |url-status=live }}</ref> acquisition, name change and sale to [[MeetMe]].<ref>{{cite web |url=https://techcrunch.com/2012/04/03/quepasa-myyearbook-rebrand-as-meetme |title=Quepasa And MyYearbook Rebrand As MeetMe |date=April 3, 2012 |website=Techcrunch.com |access-date=26 November 2016 |archive-date=31 October 2016 |archive-url=https://web.archive.org/web/20161031152326/https://techcrunch.com/2012/04/03/quepasa-myyearbook-rebrand-as-meetme/ |url-status=live }}</ref>
==About==
Founded in [[Phoenix, Arizona]], and later with headquarters in [[West Palm Beach]], [[Florida]] (with offices in Scottsdale, Dallas, Los Angeles, Miami and Mexico), Quepasa Corporation owned Quepasa.com, one of the world's largest, bicultural and bilingual Latino Social Networks on-line. Quepasa.com, and sister site Corazones.com served users in the U.S., Mexico, Latin America and the world in Spanish, English, and Portuguese. In July, 2011, the company merged with teen social network [[myYearbook]]<ref name="allthingsd.com">{{cite web|url=http://allthingsd.com/20110720/here-to-make-friends-why-quepasa-is-paying-100m-for-myyearbook/|title=Tech News && Analysis - Wall Street Journal|website=The Wall Street Journal|access-date=9 June 2018|archive-date=23 July 2011|archive-url=https://web.archive.org/web/20110723072436/http://allthingsd.com/20110720/here-to-make-friends-why-quepasa-is-paying-100m-for-myyearbook/|url-status=live}}</ref>
==History==
Quepasa Corporation was founded by [[Jeffrey Peterson]] and co-founded by Michael Silberman in 1997.<ref>{{Cite web |url=https://www.linkedin.com/in/michaeldsilberman/ |title=Michael D. Silberman - LinkedIn |access-date=2018-06-04 |archive-url=https://web.archive.org/web/20101204141931/http://www.linkedin.com/in/michaeldsilberman |archive-date=2010-12-04 |url-status=dead }}</ref><ref>{{cite web|url=https://www.sec.gov/Archives/edgar/data/1078099/0001035704-99-000125.txt|format=TXT|title=Quepasa.com initial S-1 Filing March 10, 1999|website=Sec.gov|access-date=9 June 2018|archive-date=31 May 2017|archive-url=https://web.archive.org/web/20170531184751/https://www.sec.gov/Archives/edgar/data/1078099/0001035704-99-000125.txt|url-status=live}}</ref>  The company was headquartered in [[Phoenix, Arizona]], with offices in [[Los Angeles, California]] and [[West Palm Beach, Florida]].
In 1998 Quepasa raised [[US$]]20 million from private investors, including television broadcaster [[Telemundo]] and [[Phoenix, Arizona|Phoenix]] sports businessman [[Jerry Colangelo]]. [[Costa Rica]]n president [[Jose Maria Figueres]] and former CNBC chief business commentator [[William Siedman]] joined the [[board of directors]].
Quepasa had its [[initial public offering]] on the [[Nasdaq]] Stock Market on June 24, 1999, selling 4.6 million shares at $12 per share.  During the first two weeks the value increased to $26 per share.  By July 1999, Quepasa had raised over $100 million.  Quepasa shares registered [[1000000000 (number)|billions]] of dollars per month in trading volume on [[Nasdaq]] during the [[dot-com boom|dot-com Internet boom]].
In July 2011, the company led a merger with [[myYearbook]] a teen focused social network.<ref name="allthingsd.com"/>
===Growth===
In 1999 Quepasa invested tens of millions of dollars in thousands of outdoor Spanish-language billboard advertisements, network radio promotions and various national television brand-building campaigns featuring the music of its corporate spokesperson and investor, [[Gloria Estefan]].<ref>{{cite web|url=http://www.prnewswire.com/news-releases/gloria-estefan-and-quepasacom-to-celebrate-national-latino-internet-month-quepasacom-to-donate-computers-to-local-community-organizations-73168602.html|title=Gloria Estefan and Quepasa.com to Celebrate National Latino Internet Month|author=Quepasa.com|publisher=PR Newswire|access-date=27 November 2016|archive-date=28 November 2016|archive-url=https://web.archive.org/web/20161128052009/http://www.prnewswire.com/news-releases/gloria-estefan-and-quepasacom-to-celebrate-national-latino-internet-month-quepasacom-to-donate-computers-to-local-community-organizations-73168602.html|url-status=live}}</ref>
At the peak of the Internet boom in the year 2000, market research firm Cheskin Research ranked Quepasa as the most popular destination for U.S. Hispanics, despite costly marketing campaigns by [[Starmedia]] and [[Terra Networks|Terra]].  Shares of Quepasa rose on [[Nasdaq]] to a market value of $400 million at their peak.{{Citation needed|date=January 2011}}
In 2010, an article published by [[Adweek]] noted "record setting numbers for Quepasa" in a "fierce latin social networking climate" with [[Facebook]], [[Hi5]], [[Tagged (website)|Tagged.com]], [[Sonico.com|Sonico]] and others.<ref>{{cite web|url=http://www.adweek.com/socialtimes/why-is-the-quepasa-social-network-growing-so-fast/15038/|title=Why Is The Quepasa Social Network Growing So Fast?|author=Azam Khan|publisher=Social Times|work=Adweek|access-date=27 November 2016|archive-date=28 November 2016|archive-url=https://web.archive.org/web/20161128135944/http://www.adweek.com/socialtimes/why-is-the-quepasa-social-network-growing-so-fast/15038|url-status=live}}</ref>
In 2011 Quepasa announced a partnership with PRISA Digital,<ref>[http://www.quepasacorp.com/news-room/press-releases/quepasa-and-prisa-digital-announce-partnership/ Quepasa and Prisa Digital Announce Partnership] {{webarchive |url=https://web.archive.org/web/20110527102706/http://www.quepasacorp.com/news-room/press-releases/quepasa-and-prisa-digital-announce-partnership/ |date=May 27, 2011 }}</ref> a Spanish media conglomerate. The agreement designates PRISA as a reseller of Quepasa advertising products.
In 2011, Quepasa also acquired XtFt Games, owner of Brazil-based social game development studio TechFront. In May 2011 Quepasa launched its first social gaming title after the acquisition, Wonderful City - Rio, on Quepasa.com and Orkut.com. Quepasa launched the game in partnership with [[Mentez]], a [[Latin American]]-focused [[social network]] game publisher based in Miami.
===Management controversy===
Shortly after Quepasa went public in late 1999, Quepasa founder [[Jeffrey Peterson]] was ousted by a new CEO while co-founder Michael Silberman remained during a short transition period.
During the [[.com]] bust of 2001, Quepasa shares lost practically all of their value on [[Nasdaq]].  When existing management attempted to liquidate company assets, Peterson with Silberman gained control of Quepasa through a successful hostile [[takeover]] and [[proxy fight]] subsequent to a lawsuit filed against the company and the current board of directors by Silberman.  Peterson was reinstated in 2002 as chairman and CEO and Silberman as the executive vice president, chief financial officer and secretary of the company.  The company was rebuilt and the share value during the following two-year period increased to $12 per share.
===Events===
*June, 1997: Quepasa is incorporated as '''Internet Century Inc.''' The business is initially operated as a high end web applications developer, with offices in Las Vegas, Nevada, and Los Angeles, California.
*December 18, 1998: Changes name to Quepasa.com, Inc.
*June 24, 1999: Quepasa goes public on [[Nasdaq]], selling 4 million shares at $12.<ref>{{cite web|url=http://www.bizjournals.com/phoenix/stories/1999/06/21/daily28.html|title=Quepasa completes IPO|website=Bizjournals.com|access-date=9 June 2018|archive-date=2 November 2012|archive-url=https://web.archive.org/web/20121102204716/http://www.bizjournals.com/phoenix/stories/1999/06/21/daily28.html|url-status=live}}</ref>
*August 2, 1999: New Quepasa CEO Gary Trujillo fires founder Peterson, accusing him of starting a competing venture.<ref>{{cite web|url=https://money.cnn.com/1999/08/02/technology/quepasa/|title=Quepasa dismisses, sues co-founder - Aug. 2, 1999|website=Money.cnn.com|access-date=9 June 2018|archive-date=12 June 2018|archive-url=https://web.archive.org/web/20180612163516/http://money.cnn.com/1999/08/02/technology/quepasa/|url-status=live}}</ref>
*September, 1999: Quepasa signs [[Gloria Estefan]] as its spokesperson, partner, and investor<ref>{{cite web|url=http://www.bizjournals.com/phoenix/stories/1999/09/06/daily5.html|title=Gloria Estefan to be Quepasa. com's spokesperson|website=Bizjournals.com|access-date=9 June 2018|archive-date=2 November 2012|archive-url=https://web.archive.org/web/20121102204726/http://www.bizjournals.com/phoenix/stories/1999/09/06/daily5.html|url-status=live}}</ref>
*March, 2000: Gateway Computer invests $10 million in Quepasa<ref>{{cite web|url=http://www.internetnews.com/bus-news/article.php/3_332041|title=InternetNews - Software, Storage, Security, Server, Networking News for IT Managers - InternetNews.|website=Internetnews.com|access-date=9 June 2018|archive-date=12 June 2018|archive-url=https://web.archive.org/web/20180612140707/http://www.internetnews.com/bus-news/article.php/3_332041|url-status=live}}</ref>
*April 17, 2000: Cheskin Research ranks Quepasa as #1 for U.S. Hispanics online
*June, 2002: Founder Jeffrey Peterson and co-founder Michael Silberman again gain control of Quepasa through a takeover, reorganizing the business<ref>{{cite web|url=http://phoenix.bizjournals.com/phoenix/stories/2004/02/02/story2.html|title=Quepasa.com regroups after difficult times|website=Phoenix.bizjournals.com|access-date=9 June 2018|archive-date=30 April 2010|archive-url=https://web.archive.org/web/20100430055617/http://phoenix.bizjournals.com/phoenix/stories/2004/02/02/story2.html|url-status=live}}</ref>
*December, 2002: co-founder Michael Silberman resigns as executive vice president, chief financial officer, and secretary and is appointed as the chairman of the audit committee by the board of directors.
*August, 2005: Quepasa launches its [[social network]] site, allowing users to switch between its news portal and the social site, formerly named ''w1'' because it used to reside in subdomain (www1.quepasa.com).
*March, 2006: Billionaire investor [[Richard L. Scott|Richard Scott]] acquires stake in Quepasa<ref>[http://www.azcentral.com/arizonarepublic/business/articles/0323quepasa0323.html] {{dead link|date=June 2018}}</ref>
===First publicly traded social network===
In 2010 and 2011, several media publications reported that Quepasa was the "only publicly traded social network"<ref>{{cite web |url=http://seekingalpha.com/article/200736-quepasa-the-only-publicly-traded-social-network-part-1 |title=Quepasa: The Only Publicly Traded Social Network |last=Cassel |first=Ian |date=26 April 2010 |website=seekingalpha.com |publisher=Seeking Alpha Ltd. |access-date=26 November 2016 |archive-date=27 November 2016 |archive-url=https://web.archive.org/web/20161127152438/http://seekingalpha.com/article/200736-quepasa-the-only-publicly-traded-social-network-part-1 |url-status=live }}</ref><!--Article states: "QPSA is the only social networking pure play that is publicly traded."--><ref>{{cite web |url=https://www.nbcnews.com/id/wbna42761262 |title=Quepasa Corp. is Today's Focus Stock |date=26 April 2011 |website=[[NBC News]] |publisher=Globe Newswire |access-date=26 November 2016 |archive-date=27 November 2016 |archive-url=https://web.archive.org/web/20161127154102/http://www.nbcnews.com/id/42761262/ns/business-press_releases/t/quepasa-corp-todays-focus-stock-microstockprofitcom |url-status=live }}</ref><!--Article states: Quepasa Corp. (QPSA) . . "the only known publicly-traded social network"--> meaning Quepasa was the only social network trading on a [[stock exchange]] at that time.
Later in 2011, an article claimed that following its [[initial public offering]] on May 4, 2011, [[Renren]] became the first publicly traded social network.<ref>{{cite web |url=https://www.forbes.com/sites/rebeccafannin/2011/05/04/renren-ipo-puts-joe-chen-in-drivers-seat |title=Renren IPO Puts Joe Chen In Driver's Seat |last=Fannin |first=Rebecca |date=4 May 2011 |work=Forbes |access-date=21 June 2018 |archive-date=23 June 2018 |archive-url=https://web.archive.org/web/20180623222446/https://www.forbes.com/sites/rebeccafannin/2011/05/04/renren-ipo-puts-joe-chen-in-drivers-seat |url-status=live }}</ref><!--Article states: "Renren is the first social network site of a major magnitude to go public."--> Yet at the time of RenRen's IPO, Quepasa was already a well-known publicly traded company with over 30 million<ref name="marketwired.com" /> users on its social network that had been operating since at least 2006.<ref>{{cite web |url=https://www.sec.gov/Archives/edgar/data/1078099/000119312507228670/d10ksba.htm |title=Annual Report of Quepasa Corporation for the year 2006 |date=30 October 2007 |website=sec.gov |publisher=United States Securities and Exchange Commission |access-date=23 June 2018 |archive-date=23 June 2018 |archive-url=https://web.archive.org/web/20180623193918/https://www.sec.gov/Archives/edgar/data/1078099/000119312507228670/d10ksba.htm |url-status=live}}</ref>
This is especially noteworthy as the [[Initial public offering of Facebook|initial public offering]] for the best-known social network in history, [[Facebook]], was Friday, May 18, 2012, a year after RenRen's IPO. If these historical dates prove correct, Quepasa may have been the first [[social network]] to [[Initial public offering|go public]] and trade on a [[stock exchange]] in history.
<!--If history proves the claim that Quepasa was the "only publicly traded social network" as of April, 2010 and 2011, or even prior (2007) as facts suggest, it would mean that Quepasa was the first publicly traded social network in history. Note that initial stock offering of RenRen which claimed to be the first publicly traded social network was May 4, 2011.  The IPO of Facbook was Friday, May 18, 2012, meaning Quepasa would have been the first publicly traded social network, RenRen (China) possibly the second, Facebook the third. See the talk page of this article. If this is indeed verified it should not be deleted or labeled as 'speculation' as was done by a prior editor, when it appears to be factually correct; possibly an extraordinary fact that should be preserved as it represents significant internet history-->
==References==
{{Reflist}}
==External links==
*[https://web.archive.org/web/20051207102850/http://www.quepasa.com/ Quepasa]
*[http://www.meetme.com MeetMe]
[[Category:Social media companies of the United States]]
[[Category:Internet search engines]]
[[Category:Web portals]]
[[Category:Internet properties established in 1997]]
[[Category:1997 establishments in Arizona]]
[[Category:Chicano]]
[[Category:Companies based in Palm Beach County, Florida]]
[[Category:1999 initial public offerings]]
[[Category:2011 mergers and acquisitions]]
[[Category:West Palm Beach, Florida]]