YP Pays $12M For LiveDeal
YP Corp. (OTCBB:YPNT), which operates Internet Yellow Pages sites has bought out online local classifieds site LiveDeal for $12M in an all stock deal. LiveDeal shareholders received 15,968,514 shares of YP common stock.
LiveDeal was founded in 2003 by Rajesh Navar, an early member of eBay’s engineering team. In October 2005, LiveDeal.com raised $4.9M in series B funding so a $12M buyout is non mind blowing but is not too shabby either. Investors were Canadian media company Torstar Corp., Draper Richards, and individual investors.
A challenge for LiveDeal is that there is so much competition in classifieds, as there should be. Classifieds is a $30B sector and is the 3rd largest Internet ad category, with 18% of online ad spending says the IAB. In addition to the stalwarts like eBay and Craigslist, LiveDeal has faced newer innovating startups like Edgeio and Oodle.
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