Retailers shift their ad spending from TV, radio and print ads to digital ads.
The localized search engine will pay $3.5 million for Krillion Inc.
Local.com Corp., whose search engine helps online shoppers find local businesses, coupons and activities, has acquired location-based shopping data provider Krillion Inc. for $3.5 million.
Krillion aggregates product information from multiple retailer web sites into an index, which enables shoppers to locate in-stock items at major local stores. The index includes more than 1,200 brands from some 50,000 retail locations across the United States and incorporates product images, current prices, discounts and real-time inventory information.
Local.com says Krillion is a natural fit to its business model. “Krillion provides us with highly valuable local shopping content that we intend to deploy across our business in order to differentiate our various products to our end-users, customers and business partners,” says Local.com vice president Raj Mohan.
Local.com will use Krillion’s product, pricing and discount data on its web site and mobile shopping apps, the company says. Under the terms of the agreement, Local.com acquired all of the outstanding capital stock of Krillion for $3.5 million in cash.
“We have built the leading platform to bring real-time shopping data from retailers to online consumers shopping for products and services locally,” says Sherry Thomas-Zon, Krillion’s CEO. “Our business is an excellent fit with the media platform Local.com has built. We look forward to integrating Krillion across the Local.com ecosystem.”
The acquisition comes less than two months after Local.com announced it would acquire Rovion Inc., a company that sells animated and video advertising services, for $1.5 million.