Google buys virtual currency outfit

Google has bought Jambool, a company that manages virtual money for virtual goods sold on gaming and social networking sites.

Google, of course, has plenty of the real stuff and is intent on buying up companies at rate of two a month.

For their part Jambool's founders said that, when the opportunity arose to join forces with Google, "we couldn't pass it up."

According to the founders, Jambool started as a social collaboration platform in 2006, shifting its focus to build applications on social networks in 2007. It then began dabbling with virtual currency and goods, leading to a platform to help developers "create, host, manage and monetise their virtual economies."

This platform Social Gold went live in 2008 and claims rapid growth. "In the first half of 2010, we've processed more than double the entire payment volume we processed in all of 2009. co-founders Vikas Gupta and Reza Hussein said.

Google said Jambool will help it "evolve our payments offering and expand into digital goods and content."

It did not say how much it paid for the outfit in the deal which was announced on August 12th.