Become.com, a provider of comparison shopping engines, is acquiring Germany-based e-marketplace company Pangora GmbH from Lycos Europe N.V. in a move to grow in the European market. Terms were not disclosed.
“Pangora is the ideal partner with which to strengthen our position on the European market,” says Michael Yang, founder and CEO of Become.com. “The acquisition of Pangora opens the possibility for us to accelerate our localization strategy within Europe, enabling rapid growth in the U.K., France, Italy and in German-speaking countries.”
“We are pleased that a significant international player has won the sales race for Pangora,” says Robin Schönbeck, general manager of Pangora. “The two companies complement each other ideally. This will not only ensure continued high performance for our portal and online shopping clients, but also increase our innovation and growth capabilities.”
The acquisition brings Become.com’s total number of employees to 140. Pangora’s Karlsruhe, Germany, office, which will operate as Become.com’s European headquarters and regional technology hub, will continue to be led by Schönbeck in his position as general manager.
Pangora department managers working with Schonbeck include Kirsten Drossel, portals and brands; Jan Schöttelndreier, shop business; and Andrea Pabst, technology and innovation.
Both Become.com and Pangora operate comparison shopping sites under their own brand names and provide the technology infrastructure for comparison shopping portals operated by clients.
The acquisition of Pangora is expected to close by the end of this month, Become.com says.
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