eBay Goes Shopping and Acquires Shopping.com
Just crossing the wires is news that eBay (you’ve heard of them) has acquired comparative shopping search site, Shopping.com. According to the Wall Street Journal (sub. req) and TheStreet.com, eBay will pay about $620 million in cash or $21 per share for all of Shopping.com’s outstanding shares. Shopping.com became a publicly traded company in October 2004.
From the WSJ:
Bill Cobb, president of eBay North America, said in an interview that eBay became interested in Shopping.com when it noticed its sellers listing merchandise on comparison-shopping sites, as well as eBay. Shopping.com, which is free to consumers, generates revenue primarily from merchants that pay fees when Internet users click on listings to reach their Web sites.
Mr. Cobb said eBay plans to integrate its listings with the product listings available on Shopping.com so sellers can reach another pool of buyers. “This is about continuing to fuel our biggest business,” he said.
Lorrie Norrington, president and chief executive of Shopping.com, said the deal will bring Shopping.com users broader choices. The Brisbane, Calif., company, which will be operated as a separate eBay business, plans to marry its Epinions product and merchant review system with eBay’s seller and buyer “feedback” system, which lets buyers and sellers rate their experience.
The news release announcing the acquisition is here.
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