Threadbox, a Palo Alto developer of workgroup email messaging software, confirmed that it had sold most of its assets to Beverly Hills social networking site MySpace.

Financial details of the deal were not disclosed. The two-year-old Threadbox, formerly known as CC:Betty, had shut down operations in early August, according to Bloomberg News.

A spokeswoman at MySpace, a unit of News Corp., declined to comment on the transaction.

Threadbox co-founder and CEO Michael Cerda said that he and other members of his team would move to MySpace, which has been attempting to revitalize its service in the face of increasing competition from Facebook and other social sites.

“We plan to apply our technology there in a variety of ways,” Cerda said in a blog post late Tuesday. “Those of you that were using Threadbox socially may even find what we are building at Myspace interesting.”

Threadbox had venture capital backing from Venrock Associates, Hillsven Capital LLC and angel network Seraph Group.