Online media company Yahoo!7 has bought online group buying site Spreets.
Yahoo!7 says it acquired both the Australian and New Zealand operations of Spreets (spreets.com.au and spreets.co.nz), which deliver cost-effective marketing to small businesses through online coupon deals.
The financial terms of the deal were not disclosed.
Since Spreets was launched in February 2010, it has gained 500,000 members and had more than 274,000 vouchers purchased.
Yahoo!7 chief executive Rohan Lund said Spreets was a leader in what's becoming a highly competitive and fast-growing market for group buying.
Other sites include Jump On It, Scoopon and Cudo, which is owned by PBL Media and marketed through the Nine Network.
Spreets CEO Dean McEvoy said websites such as Spreets were meeting a growing demand from customers 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," Mr McEvoy said.
Yahoo!7 is a joint partnership between the Australian media company Seven Network Ltd and US-based technology company Yahoo! Inc.
Source http://www.smh.com.au/small-business/yahoo7-buys-online-deal-site-spreets-20110120-19x90.html
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