Latino social network Quepasa swallows MyYearbook

We just wrote about the growth of social network MyYearbook, who has been on a tear as it emphasizes mobile, engagement and games. Well, the company’s growth didn’t go unnoticed by its peers. Latino social network Quepasa Corp. is announcing today that it is buying MyYearbook for $100 million, $82 million in Quepasa common stock and approximately $18 million in cash.

Quepasa encourages its Latino audience to find and flirt with each other with an emphasis on games, something MyYearbook does as well but to a mainstream U.S. audience. The merger will bring the combined total users to 70.9 million with consolidated revenues of about $33.6 million. Together, the companies have 4 billion monthly advertising impressions with 1 billion on mobile and 3 billion on the web as of last month.

Quepasa CEO John Abbott said the merger with MyYearbook, with its strong growth and product focus, will allow Quepasa to become a leader in social discovery and help drive larger growth for the combined company, particularly in mobile where it doesn’t appear to have much of a presence. Quepasa is looking to apply MyYearbook’s tools for engagement and monetization to its current business.

Quepasa currently operates a social network geared toward Latino and also operates Quepasa Games, a social gaming studio that creates and publishes titles on, Orkut and Facebook. In February, it bought XtFt Games, which owns social game development studio Techfront.

MyYearbook has been growing quickly, especially on mobile where it recently hit 1 billion page views each month. It also has 1.2 billion page views on the web each month. It has grown by helping people make new friends and stay connected to each other through live games with video chat and other features. In 2010, myYearbook generated $23.7 million in revenue.

The deal is expected to close in the fourth quarter of 2011 at which time MyYearbook CEO Geoff Cook will serve as COO of Quepasa Corp. and president of its Consumer Internet Division while joining the company’s Board of Directors.