Snapchat rejects a $3 billion cash offer from Facebook

November 15, 2013 — Fusion DigiNet

snapchatAccording to the Wall Street Journal, Snapchat, a business that has no sales, has rejected an all-cash offer from Facebook Inc. for close to $3 billion.

Snapchat is a smartphone app that enables users to take photos, record videos, add text and drawings, and send them to a controlled list of recipients. These sent photographs and videos are known as “Snaps”  disappear in 10 seconds or less after opening.

Snapchat has also been approached by other investors and potential acquirers. Chinese Internet giant Tencent Holdings Ltd. had offered to lead an investment that would value Snapchat at $4 billion.

Snapchat Inc. co-founder Evan Spiegel thinks that users numbers will continue to grow rapidly and his company can get an even higher valuation. He is said not to be interested in selling the business before 2014.

Snapchat raised $80 million in a second round of funding led by Institutional Venture Partners in June 2013.

USA, Los Angeles, CA & Menlo Park, CA

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Dealflow.com acquires the assets of Goldfish.io

November 15, 2013 — Fusion DigiNet

goldfishDealflow.com has acquired the assets of startup research business Goldfish.io, including its technology assets, its database of subscribers, and all trademarks and copyrights. The terms of the deal were not disclosed.

“Our focus is on using live financial information from the social web to create research tools for evaluating investment opportunities,” said Steven Dresner, president of Dealflow.com. “Goldfish.io has been at the forefront of building early detection systems that identify potential company financings or other corporate events. We think the combination of the Goldfish.io technology with our own technology is a perfect fit.”

USA. Jericho, NY

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Electric Word acquires iGaming North America conference

November 8, 2013 — Fusion DigiNet

electric wordElectric Word plc’s online gaming business iGB has acquired a 50% interest in SAM Media Ltd, a Nevada-based conference business that owns the annual iGaming North America conference. Electric Word’s interest is held through iGB’s wholly owned US subsidiary, iGamingBusiness North America Inc., a Delaware Corporation, and was acquired for a nominal sum.

igamingIn 2013, the iGaming North America conference achieved revenues of approximately $0.5m. The deal allows iGB to share in future profit growth above an agreed threshold and also gives each party a call option to acquire the others’ membership interest at a future date.

Julian Turner, EW’s Chief Executive, said: “The regulatory changes which continue to unfold in the USA make it a very interesting market for our online gaming information business. This deal builds on the launch of our iGaming North America magazine in 2012 and gives us a great opportunity to extend the brand further.”

UK, London and USA, Nevada

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Groupon buys Ticket Monster from LivingSocial for $260 Million

November 7, 2013 — Fusion DigiNet

grouponGroupon is to acquire Korean-based Ticket Monster from LivingSocial for $260 million in cash and stock. The deal is expected to close in the first half of 2014.

“Ticket Monster is a perfect fit for Groupon as we continue to transition our business globally from a flash sale email model to a mobile commerce marketplace,” said Groupon CEO Eric Lefkofsky. tmon

“Ticket Monster has a vibrant and growing marketplace in one of the world’s largest ecommerce markets. Coupled with outstanding mobile penetration and expertise in local, travel, and product, they will help us accelerate our overall growth, provide immediate scale and serve as a cornerstone for our operations in Asia.”

Ticket Monster — known locally as TMON — was founded in 2010 and has quickly grown into a leading provider of product, local and travel offers in Korea. TMON has consistently seen year-over-year billings growth in excess of 50 percent, with annual billings of more than $800 million today. The business is said to be close to break-even on an EBITDA basis.

Approximately half of its sales are transacted on mobile devices. Based in Seoul, the company has grown to 1,000 employees serving more than 4 million active customers.

The Ticket Monster brand and leadership team will remain in place. Groupon and TMON will work on an operational plan for the two local entities once the deal has closed.

Per the terms of the agreement, Groupon will acquire LivingSocial Korea — the holding company that owns Ticket Monster. Any non-Korean assets currently owned by LivingSocial Korea will be divested prior to close. The agreement is for at least $100 million in cash, and up to $160 million in Groupon Class A common stock, with the final cash and stock allocation to be determined. The transaction is subject to regulatory and other customary closing conditions, including review by Korean antitrust authorities.

USA, Chicago, IL & Washington, DC & South Korea, Seoul

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i.TV acquires GetGlue

November 6, 2013 — Fusion DigiNet

i-tvi.TV, maker of mobile TV guide apps, has acquired GetGlue, the maker of the GetGlue app for TV, movies and sports. The terms of the deal were not disclosed.

getglue“GetGlue has built an impressive product with a highly engaged audience,” said i.TV CEO, Brad Pelo. “With over 4.5 million registered users, GetGlue delivers over 1 billion social impressions every month to 100 million unique Facebook and Twitter users. With this kind of reach, it’s no wonder more than 75 TV networks partner with GetGlue to engage with their fans, and 30 media companies integrate with the GetGlue API. i.TV’s own platform of second screen services power experiences for brands like Nintendo, AOL, Huffington Post, TELUS and i.TV’s own leading TV guide application. Together, i.TV and GetGlue will reshape the social TV and second screen landscape.”

i.TV will continue to build and grow GetGlue as an independent product, while enabling GetGlue to benefit from i.TV’s platform of partners and services. GetGlue will maintain its New York City presence.

In January 2013, DigiNet reported that an $80 million acquisition of GetGlue by Viggle had been terminated.

USA, New York, NY & Provo, UT

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DMGT acquires DIIG EUROPE for £75M

October 28, 2013 — Fusion DigiNet

dmg information, the business information division of DMGT, is to acquire DMGTDIIG EUROPE for £75 million, from Decision Insight Information Group, a portfolio company of the US private equity firm TPG Capital.

DIIG(E) is a UK and Ireland property searches group, primarily delivering residential and commercial property search results to legal professionals, and is based in Kent, England with additional offices in Edinburgh, Scotland and Dublin, Ireland. DIIG(E)’S business comprises SearchFlow Limited (England & Wales), Millar & Bryce Limited (Scotland), Rochford Brady Legal Services Limited (Ireland), Decision Insight Hub Limited and Decision First Limited.

The acquired businesses had revenues of £69 million and operating profit of £6 million for the year to 31 December 2012.

Suresh Kavan, CEO of dmgi, said: “Acquiring this group of outstanding companies will greatly increase our strategic reach at a time of great opportunity in the property information industry. We are delighted to welcome them to our portfolio of companies.”

UK, London & USA, Austin, TX

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Shutterfly acquires BorrowLenses

October 24, 2013 — Fusion DigiNet

shutterflyShutterfly has acquired BorrowLenses, the  online marketplace for photographic and video equipment rentals. BorrowLenses’s Founders, Max Shevyakov and Mark Gurevich, will join Shutterfly Inc. The terms of the deal were not disclosed.

“BorrowLenses addresses the growing consumer demand for high-quality products and services that are delivered on demand without high up-front costs,” said Jeffrey Housenbold, president and CEO of Shutterfly. “BorrowLenses is a perfect addition to the Shutterfly Inc. family of lifestyle brands, as they are the premium provider in the photo equipment rental category and are passionate about helping their customers capture moments by providing them with best in class photography and video equipment.”

USA, Redwood, CA & San Carlos, CA

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Wilmot abandons plans to make an offer for Centaur

October 22, 2013 — Fusion DigiNet

centaurOn 24th September Geoffrey Wilmot, the former chief executive of Centaur Media plc, said that he was in talks with financial backers about making a bid for the Centaur business. He had until 5.00pm on Tuesday 22nd October to clarify his intentions, by either announcing a firm intention to make an offer or that he does not intend to make an offer.

Since then, Wilmot has engaged with an extended number of finance providers and these discussions have progressed significantly.

However, a stock market statement issued today said, “It has become apparent that the Board of Centaur’s views on the value of the Company materially diverge from those of Mr Wilmot and his potential financing partners. Accordingly Mr. Wilmot confirms that he currently does not intend to make an offer for Centaur.”

Geoff Wilmot left Centaur in May this year.

UK London

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Euromoney Institutional Investor acquires Infrastructure Journal for £12.5M

October 15, 2013 — Fusion DigiNet

Euromoney PLCEuromoney Institutional Investor plc, the international online information and events group, is expanding its project finance and infrastructure business with the acquisition of Infrastructure Journal.

Infrastructure Journal is an information source for the international infrastructure markets.  Its business model is centred on premium subscription content that tracks market activity and is delivered in real-time through its online platform which is accessible from desktops, tablets and smartphones.  Infrastructure Journal also runs a portfolio of events which includes conferences, forums and awards attended by senior investment professionals, industry practitioners and advisors.  The Infrastructure Journal Awards are held annually in London.

ij-logoEuromoney is acquiring 100% of the assets of Infrastructure Journal from Top Right Group (“TRG”) for a cash consideration of £12.5 million, funded from its existing committed borrowing facility.  The acquisition is expected to be earnings enhancing for Euromoney in its financial year 2014.  Infrastructure Journal had revenues of £3.1 million for the year to December 2012.  The transaction will complete after the required TUPE (Transfer of Undertakings Protection of Employment) consultation period, expected to conclude by November 1, 2013.

“Infrastructure Journal is a business we have long admired and we are delighted that it is now part of our stable of global brands,” said Richard Ensor, chairman of Euromoney.  “With an estimated 57 trillion dollars of investment into infrastructure projects required around the world by 2030, we believe this part of the business-to-business information sector offers attractive growth fundamentals.  Euromoney aims to create a comprehensive market-leading infrastructure information provider by combining, under the Infrastructure Journal brand, the deals database and news coverage of Infrastructure Journal and the deals analysis, awards and conferences of Project Finance.”

Duncan Painter, CEO of Top Right Group, said: “Infrastructure Journal is well respected in its sector and delivers valuable insight and expertise to its customers.  The skill of the team, investment in content and the launch of new topical forums each year have kept the brand ahead and we are delighted that the Infrastructure Journal name will continue in the marketplace. We believe Euromoney Institutional Investor will be a good long term home for the brand and we wish the business every success in the future.”

UK, London

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Amazon.com to acquire TenMarks

October 14, 2013 — Fusion DigiNet

amazon1Amazon.com is to acquire TenMarks, a company that offers personalised online math instruction and practice in a clear, manageable format for K-12 students. The terms of the deal were not disclosed. The acquisition is expected to close in the fourth quarter of 2013.

tenmarks“Amazon and TenMarks share the same passion for student learning. TenMarks’s award-winning math programs have been used by tens of thousands of schools and Amazon engages with millions of students around the world through our Kindle ecosystem,” said Dave Limp, Vice President, Amazon Kindle. “Together, Amazon and TenMarks intend to develop rich educational content and applications, across multiple platforms, that we think teachers, parents and students will love.”

USA, Seattle, WA

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