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PlaySpan Buys PayByCash

PlaySpan Inc, a Silicon Valley-based in-game commerce company, acquired PayByCash, an alternative payment processor for online games and social networking Web sites. The company received $5 million toward its (X) round of venture fundraising to use toward the transaction. Prior Investors of PlaySpan include Easton Capital, Menlo Ventures, STIC and Novel TMT Ventures participated in the round.