It’s confirmed that Google (GOOG) has bought out Jambool Inc., an online company that offers game developers a method to manage virtual currencies. Currently, Jambool offers “Social Gold” which is said to be the equivalent of Facebook Credits and by purchasing this company, Google is looking to beef up it’s own social networking capacities. In fact, there was some talk recently that Google was looking at developing their own Facebook competitor.

Although the terms of the deal have not been disclosed, it’s widely believed to be worth as much as $75 million, with $20 million offered in contingent payments. Jambool was started in 2006 by Vikas Gupta, the Chief Executive Officier and Reza Hussein, the Chief Technology Officer. Both founders left the online retail giant Amazon to start Jambool.

In a statement that Google put out, Jambool will help “evolve our payments offering and expand into digital goods and content.” Google has been busy lately, having purchased Slide Inc. and also investing in Zynga, the owners of FarmVille, an 80 million user Facebook game.