Market America, an Internet marketing and product brokerage company, announced today that it has entered into an agreement to acquire the business of online comparison shopping comparison business Shop.com. Financial terms of the transaction were not disclosed.
MarketAmerica.com and Shop.com will continue to operate as separate websites through a transition period. Market America’s headquarters will remain in Greensboro, NC, while Shop.com’s facilities in Monterey and Pasadena, CA and London, UK will continue without disruption. The combined entity will have in excess of 650 employees. The transaction is expected to be completed by year-end 2010.
“Together, Market America and Shop.com are creating a new ‘social shopping’ movement,” said James Ridinger, President and CEO of Market America. “To date, no one has truly harnessed the power of technology to provide a high touch, personal shopping experience combined with the depth of selection available through instant search of the more than 43 million products in our database. Our business model rewards customers at every stage – by making their shopping easier and more efficient, and rewarding them with cash back for shopping with us. This unique strategy positions us for explosive growth and to compete head-to-head with the biggest, most dominant shopping sites on the Internet.”
“Market America and Shop.com are online shopping pioneers with distinct areas of expertise,” added Ken Goldstein, Chairman & CEO of Shop.com who will depart his current role and become a strategic advisor to Market America as part of the transition. “By bringing our companies together, we are creating a game changing shopping experience with transformative potential to our customers, retailers, consumer brands and business partners.”
USA, Greenboro, NC