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iWiW projects jump in revenue after buyout by T-Online

iWiW Kft, the company behind social networking website iwiw.hu, targets revenue from advertising of Ft 100 million in 2006, up from just Ft 5.5 million in 2005, managing director Márton Szabó said on Tuesday.

The site has attracted 360,000 more registered users and, passing the 1 million mark, since the end of April when the company was acquired by T-Online.
Tibor Tóthmátyás, portal director for T-Online, confirmed the ISP unit of Magyar Telekom Nyrt had purchased the company, buying first a controlling stake for Ft 1 billion, then the remainder for an undisclosed price. T-Online expects to recoup its investment in 3-4 years, he said.
The number of iWiW users will soon reach a level at which Hungary's internet penetration will have to increase in order to allow further growth, Tóthmátyás said. However, the company will continue to attract new users through the issue of invitations (which are required to register at the site), and it will increase the value of the site for users by introducing new services.