eBay Buys Location-Based App Development and Advertising Company Where.com
eBay Inc. (NASDAQ:EBAY) has acquired location-based e-commerce media company Where.com. The financial details of the acquisition are unknown, but rumor has it that it was $135 million.
Where.com had raised a total of $20 million in funding. The company makes location-based mobile applications on iPhone, Android, and BlackBerry. They see about 4 million active users per month. Last year Where.com had acquired a daily deals company called Local Ginger. Local Ginger is now known as WhereBuys.
Where.com makes money through its location-based ad network. Advertisers can show mobile ads based on people near their stores. About 120,000 retailers and brands utilize Where.com’s ad network. Where.com will report to PayPal’s executive team. eBay was most interested in Where.com’s intellectual property and technology.
“Ebay and PayPal are both investing in multi-channel commerce and the online to offline experience,” stated PayPal spokesperson Anuj Nayar. “This acquisition represents that.” Where.com will continue to run independently.@amitchowdhry or on Google+ at +AmitChowdhry