WhaleShark Media Acquires RetailMeNot.com For AU$90 Million
Australians Guy King and Bevan Clark launched RetailMeNot.com in 2007 at a cost of about $30. Recently the two have sold RetailMeNot.com for $90 million to WhaleShark Media. With about 95 million unique visitors per year, RetailMeNot.com is the most visited coupon website in the world.
“We’re dedicated to revolutionizing online shopping by giving deal-seekers the easiest-to-use, most reliable, comprehensive and up-to-date information about deals and discounts available online,” stated WhaleShark Media CEO Cotter Cunningham. “In just four days from Black Friday to Cyber Monday this year, WhaleShark Media sites (including RetailMeNot.com) drove record traffic with more than 6 million visits combined. This underscores the increased importance of online discounts in the broader e-commerce ecosystem.”
“When I launched the site, I honestly didn’t even consider that I’d be able to make any money from it,” stated King. “It’s quite surreal.” RetailMeNot.com was on track to hitting $30 million in revenues this year. Austin Ventures, Norwest Venture Partners, and Adam Street Partners provided financing for the transaction.
[ZDNet]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry