NY times reporting:
Plaxo, an early social networking site that helps people keep their address books updated, is up for auction, people briefed on the offering said Wednesday night. The company, which has not made a profit, is seeking as much as $100 million, these people said.
Plaxo, which has been overtaken by rivals like Linked In and Facebook, has tried to reinvent itself as an aggregate of information from other social networking sites.
In October, the company started Plaxo Pulse, a service that collects information from Facebook, MySpace, Twitter, Digg and others, moving away from Plaxo’s original mission simply to keep electronic address books up-to-date. Indeed, Plaxo’s core business stirred some controversy because it sent out millions of e-mail messages on behalf of its users, creating the impression that the company was distributing spam.