Going, Going, Gone: GoTo Wins Bid for AuctionRover
GoTo.com, an online search engine, plans to acquire AuctionRover.com, one of several Internet auction search engines, for 3.47 million GoTo shares. At the company's current share price of $55.25, the deal is worth more than $190 million.
The acquisition follows last month's purchase of Bidder's Edge, another auction aggregator, by auction software vendor Open Site. Once the AuctionRover deal closes next month, GoTo will begin carrying listings of more than 50 other major auction sites, such as eBay, Yahoo! Auctions and Amazon Auctions. AuctionRover was the first auction site licensed to search eBay and display eBay listings on its search results. EBay has sued Bidder's Edge for listing its auctions, after the two parties were unable to agree to licensing terms.
The acquisition of AuctionRover.com represents a further expansion of the GoTo.com search offerings. AuctionRover gives buyers a way to search for various products and services being auctioned on the Internet. It helps sellers manage inventories, keep track of multiple auctions, and complete transactions. GoTo's advertisers and merchants will be able to place search listings within GoTo's search results, place product shopping listings within GoTo shopping through Cadabra, and place products and services into the auction channel through AuctionRover, the companies said in a statement.
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