Chris Gilmer , Wednesday, January 2nd, 2008

Plaxo, the Stanford founded electronic address book that adopted a social networking platform take on connections and updates, is said to be up for auction.

The NYTimes is reporting that people close to the action were briefed on the offering Wednesday evening. Plaxo, who was trying to compete with the likes of Facebook and LinkedIn with their social offering, has yet to make a profit, but their service is widely used. With 15 million registered users, the service is rumored to be asking as much as $100 million for a buyout.

Plaxo has been funded by the popular Silicon Valley based Sequoia Capital, who dropped their cash early into Google.

Update: TechCrunch has more on this. Plus they have emailed the CEO for comment.