Leading Dutch social network, Hyves, which for a long time held out against the encroachment of Facebook, is selling the entire company to Dutch media group TMG (Telegraaf Media Groep) for an undisclosed sum.

Hyves has a 68% penetration in the Netherlands, but lately we’ve been told that more and more people are talking about moving to Facebook.

Hyves was founded eight months after Facebook in 2004 by Raymond Spanjar, Koen Kam and

Acquia, a Boston-based commercial open source software company that provides a set of tools and network services for the Drupal social publishing system, has raised $8.5 million in third-round funding. The financing comes from existing investors North Bridge Venture Partners and