You don’t have to wait for the initial public offering  of Classmates.com or Facebook to get in on the booming growth in Web 2.0 and social networking-related interactive media companies.

Little-followed IncrediMail Ltd. (Nasdaq: MAIL) quietly came public in early 2006 in a small IPO. Since then, the microcap play has continued to fly below Wall Street’s radar, all the while posting impressive growth and continued profitability.

Founded during the first dot com boom, $75 million market capitalization IncrediMail survived the tech crash and has emerged as a leading provider of Internet consumer products and services. The Israel-based company is named after its flagship multimedia entertainment-geared email program. This consumer-oriented email program is compatible with leading email services such as Hotmail, Gmail and Yahoo, and is best known for its vast selection of fun emoticons, email backgrounds, sounds and animations.

IncrediMail has been profitable as a company since 2002 and expects to have 11 million active users by the end of the year. IncrediMail’s revenue model is a blend of one-time fees and subscriptions (for premium versions of its products) and, increasingly, advertising. In addition to its flagship IncrediMail product, the company’s other major product is Magentic, a free program which offers an extensive selection of wallpapers and screensavers. In early August, IncrediMail introduced a closed beta version of a new instant messaging product that will integrate with existing instant messaging applications like Windows Live Messenger. In a bid to further leverage its user base, IncrediMail also plans to introduce a new Web 2.0 community website called IncrediWorld by year end.

In July, rumors swirled that IncrediMail had been approached by red-hot social networking media company Facebook as a potential acquisition target. IncrediMail denied the talks, but has said that it regularly holds discussions with various parties. With nearly $29 million in cash on hand, no debt, and solid profitability, IncrediMail  appears to be in a strong bargaining position, but seems happy being independent.

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