Intertainment Media Inc. is acquiring DealFrenzy.com, a Groupon-like business. Intertainment will acquire all the turn-key assets of DealFrenzy.com including the backbone technology, deal pipeline, including preferred deals with major brands and an experienced sales and support team. The acquisition combines $500,000 in cash and $200,000 in Intertainment stock. The acquisition is expected to close by late June 2011.
DealFrenzy.com is scheduled to go live in early July 2011 and will launch in select US cities in 2011 and plans international, multi-language expansion. In addition to consumer deals, DealFrenzy will be offering small and medium sized businesses access to commercial products and services further defining the group buying market.
“The acquisition of DealFrenzy is part of Intertainment’s merger and acquisition strategy for strategic investment and acquisition of immediate and near-term revenue programs that fit into Intertainment’s existing suite of services and technology,” said David Lucatch, CEO Intertainment Media “With the integration of Intertainment’s programs into DealFrenzy, we have effectively taken the group-buying, revenue rich platform, and enhanced it to make it not just socially engaging, but also to make it available to all cultural markets with no impediment of language communications.”