Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.
Yahoo!7 acquires Spreets online group buying site
Posted on 20-Jan-2011 14:55 | Tags Filed under: News



Online media company Yahoo!7 today announced it has acquired leading online Group Buying site, Spreets Pty Ltd, including its New Zealand operations.

Spreets (spreets.com.au and spreets.co.nz) was the first Group Buying site in ANZ having been in operation for almost a year with 500,000 members and more than 274,000 vouchers purchased since inception.

The Yahoo!7 business delivers a new audience to the Spreets site through distribution on the Yahoo!7 Network as well as access to the benefits provided in Australia and New Zealand through its joint venture partners Yahoo! Inc. and the Seven Media Group, including marketing and promotions.

The acquisition helps Yahoo!7 to deliver on its Local and Social strategies as well as providing further diversification of revenue streams outside of display advertising.

“After carefully reviewing the market it was clear that Spreets is a market-leader in what is becoming a highly competitive and fast growing market. The Spreets management team in Dean McEvoy and Justus Hammer come with strong expertise and experience in the Australian Group Buying market,” said Rohan Lund CEO of Yahoo!7.

“At its core Spreets is about leveraging insights to deliver the best local deals through an online social experience, and this maps perfectly to the Yahoo!7 Local and Social strategies. The acquisition of Spreets means we can bring the best of Yahoo!7 to grow the business even further,” he said.

According to Dean McEvoy, CEO of Spreets, the Group Buying model has rapidly evolved over the past year delivering cost-effective marketing to small businesses and addressing an unmet and growing demand from consumers for online coupon deals.

“Australians and Kiwis love an amazing deal and Spreets has seen significant growth delivering over $40 million in savings to consumers over the past year. We’re proud to be an Australian born company leading the market in this rapidly evolving space,” he said

“We’re thrilled with the acquisition by Yahoo!7 as we see the huge potential that one of Australia’s leading online media companies, which has huge momentum in the market, will bring to the Spreets business.”

The financial terms of the acquisition were not disclosed.



comments powered by Disqus




Trending now »

Hot discussions in our forums right now:

Mikrotik RB 3011 multiple port flapping (Title updated)
Created by RobBB, last reply by RobBB on 21-Feb-2017 19:59 (38 replies)
Pages... 2 3


The President Of The USA: Donald Trump
Created by TimA, last reply by gzt on 21-Feb-2017 14:59 (3177 replies)
Pages... 210 211 212


Silly Cricket Scoring
Created by tdgeek, last reply by tdgeek on 21-Feb-2017 07:02 (45 replies)
Pages... 2 3


geekzone ads are out of control
Created by 1101, last reply by rugrat on 22-Feb-2017 04:39 (43 replies)
Pages... 2 3


Android (FB) Messenger App Bugs/Issues
Created by TimA, last reply by tripp on 21-Feb-2017 19:45 (20 replies)
Pages... 2


Best way to network my computers
Created by Rikkitic, last reply by PaulBags on 21-Feb-2017 22:31 (19 replies)
Pages... 2


Setting up our own EFTPOS (2nd hand terminal)
Created by BlackGlove, last reply by Lias on 21-Feb-2017 16:25 (17 replies)
Pages... 2


Shameful politics, shameless politicians
Created by Rikkitic, last reply by MikeAqua on 20-Feb-2017 14:12 (106 replies)
Pages... 6 7 8