Yahoo! acquires IntoNow

April 29, 2011 — Fusion DigiNet

Yahoo! has acquired IntoNow. Financial terms of the transaction were not disclosed.

Launched in January 2011, IntoNow has built a platform and companion TV application based on real time indexing of television that deepens the connections between audiences, television content and advertisers. IntoNow has indexed more than five years of US based television programming, creating a rich database to build video discovery and programming experiences. IntoNow is able to identify content down to the airing, episode and time within the program as well as provide program information and links associated with it, all within a matter of seconds.

“Relying on social channels as a means for discovering content – whether it’s on a PC, mobile device, or TV – is rapidly on the rise. IntoNow’s technology combines the ability to check-in to what a consumer is watching, engage in conversations, and find related content,” said Bill Shaughnessy, SVP of Global Product Management at Yahoo!. “The IntoNow application the team has built clearly demonstrates the opportunities the technology presents across Yahoo!’s network, especially in regards to our video content, search, mobile and Connected TV experiences. We are excited to have the IntoNow team join Yahoo! as we continue to build out these experiences.”

The addition of IntoNow will enable Yahoo! to provide enhanced media experiences and video programming, bolstering its social engagement across the Yahoo! network and on all screens. IntoNow users are able to easily engage with friends around the shows they enjoy most. IntoNow helps people discover new shows, discuss favorites with friends and learn more about them, and provides recommendations for what is currently airing based on their interests and those they are connected to. The application is also integrated with Facebook, Twitter, iTunes and Netflix to enable more sharing and information gathering.

USA, Sunnyvale, CA

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Travel Channel invests in Oyster.com

April 29, 2011 — Fusion DigiNet

Travel Channel has acquired a stake in hotel booking website Oyster.com. The size of stake has not been disclosed.

“This is a transformational event for the Travel Channel,” said Laureen Ong, Travel Channel president. “Entering into a strategic relationship with Oyster.com greatly broadens our position as a trusted source for information and allows us to go beyond the inspiration and entertainment we offer on television. Simultaneously, this partnership provides an incredibly meaningful way to connect with and improve the experience of travelers and adventure seekers everywhere.”

Founded in 2008, Oyster.com combines exclusive content and commerce all in one online location. The website publishes objective, in-depth hotel reviews written by trained journalists who document their visits through photographs, and provide expert editorial opinions. Based on a strict set of criteria and ratings, Oyster’s curated content is designed to give users a way to plan, research, and book their hotels.

Under terms of the agreement, Travel Channel and TravelChannel.com will have access to exclusive Oyster.com content. Each brand will also collaborate on future programming and cross-platform promotional opportunities.

USA, Chevy Chase, MD

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MyLife.com acquires CitizenLocal.com

April 29, 2011 — Fusion DigiNet

MyLife.com, a people search service for both personal and business connections, has acquired CitizenLocal.com, a community-driven platform for local deals.

“MyLife.com’s unique proposition is to enable people to find and keep valuable connections they need in their lives, all in one place,” said Jeff Tinsley CEO of MyLife. “With the addition of Local Services & Deals, we aim to connect members searching for plumbers, real estate agents, contractors, lawyers, etc. with the appropriate provider in that field and in their locality, plus see their available deals.”

USA, Los Angeles, CA

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eBay to acquire shares in Turkey’s GittiGidiyor

April 21, 2011 — Fusion DigiNet

eBay has agreed to acquire additional shares in GittiGidiyor, the leading online marketplace in Turkey. The deal follows eBay’s acquisition of a minority stake in the company in 2007. Upon closing of the transaction, eBay will own approximately 93% of the outstanding shares of GittiGidiyor. Terms of the deal were not disclosed.

Launched on February 5, 2001, GittiGidiyor has more than 6.4 million registered users. The company’s business model is complementary to eBay’s with the addition of a mandatory escrow service for payments between buyer and seller. Today, all of GittiGidiyor’s transactions come from fixed price listings with the largest categories being Fashion and Consumer Electronics, which are also among eBay’s top shopping experiences.

Doug McCallum, senior vice president for eBay in Europe, said: “We knew that when we acquired a stake in GittiGidiyor that we were buying into an excellent business in an exciting ecommerce market. Since 2007, we have been impressed with GittiGidiyor, its people, its VC investor iLab and its successful approach to ecommerce. There is a lot that we can learn from GittiGidiyor, and much we can share.”

Turkey is the world’s 12th largest market for Internet usage, with a penetration rate of 45% according to Internet World Stats1.

GittiGidiyor, which was founded by Serkan Borançılı, Burak Divanlıoğlu and Tolga Kabataş, is headquartered in Istanbul, Turkey and employs over 150 people. In addition to eBay, the company previously raised capital from iLab Ventures, founded and led by Mustafa E. Say.

“Becoming an eBay company is a source of great pride for GittiGidiyor,” said Serkan Borançılı, chairman of GittiGidiyor’s board of directors. “By being fully part of eBay, we can accelerate our development, benefit from world class best practices and consolidate our leadership position in one of Europe’s fastest growing ecommerce markets. Mustafa E. Say, Founder and Chairman of iLab, an early investor in GittiGidiyor, said: “GittiGidiyor’s growth is testament to the Founding Partners who are among the leading new generation entreprenuers that aspiring young start-ups in Turkey can look up to. At iLab, we are excited about our continuing partnership with eBay and the potential growth still ahead of GittiGidiyor.”

USA, San Jose, CA & Turkey, Istanbul

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UK Buyout market registers strongest quarter in two years

April 8, 2011 — Fusion DigiNet

Data from Lyceum Capital and Cass Business School’s UK Growth Buyout Dashboard shows that 23 smaller private equity buyouts worth an aggregate £828 million* completed between 1 January and 31 March 2011 – the highest volume and value seen in any single quarter during the past two years.

This quarterly trend analysis of private equity transactions in the £10 million to £100 million segment highlights a continuing upward trend and represents a strong start to the year.

The report’s authors say the figures reflect growing confidence and appetite amongst investors to support businesses which, having proven their resilience during the downturn, and are now well placed to harness emerging growth opportunities.

Number of investments

Whilst 11 transactions in the £10-25 million value range make up 48% of all mid-market ativity, the 12 deals completed in the £26-100 million range was a higher volume than has been seen any quarter during the previous two years .

Type of investments

Management buyouts (MBOs) continued to be the most prevalent transaction type in Q1 2011, accounting for 61% of all activity (14 of the 23 deals). However the data also illustrates that there has been a sharp rise in the number of secondary buyouts.

Eight SBOs completed – the highest volume of this type of deal in any quarter over the last two years and accounts for a third of all transations completed in Q1 2011.

The reports authors believe this rise was expected given the increased number of larger deals recorded and that the trend reflects the number of private equity houses continuing to rely on old-style intermediary-based deal sourcing, rather than research-led direct origination.

Only one public-to-private transaction was launched in the quarter, underlining the lack of appetite for de-listings within the mid-market.

This lack of interest is unlikely to improve given the recently announced proposals to change the Takeover Code.

Investments by industry

Technology, media, telecommunications (TMT) businesses attracted the most private equity investment in the quarter, with the seven deals completed in the sector accounting for 30% of all deals in Q1 2011.

This is a sharp rise in activity from previous quarters (Q4 2010: 3, Q3 2010: 2), continuing an underlying trend which saw the annual number of deals involving TMT businesses nearly treble from four in 2009 to 11 in 2010.

The other sector showing increased activity is retail and consumer, in which more deals were transacted (four) than in any other quarter over the past two years.

Trade, IPO and Secondary Exits

The first quarter of 2011 has seen the number of exits from private equity investments remain relatively steady with 11 deals completing in Q1 compared to an average of 10 over the previous four quarters.

Whilst trade dominated the buyer pool throughout 2009 and 2010, the first quarter of 2011 has seen this trend reverse, with the majority of exits (73%) being provided by eight secondary buyouts.

With just four exits through trade buyers, Q1 2011 has seen the lowest level of trade activity registered since Q4 2009.

The reports authors suggest that this trend reflects an increasing number of sponsors returning to market following the downturn looking to quickly deploy capital in mature private-equity backed assets.

Commentary

Commenting on the report, Andrew Aylwin, Partner at Lyceum Capital, said: “Optimism or pressure to invest? Whatever the reason, activity was up again in Q1. If this trend continues, we may see a hundred new deals this year, up from 68 last year and just 35 in 2009.

“But with prices on the rise, managers in the lower mid-market are working hard to understand investment risk, with deal processes drawn-out as a consequence.

“It’s too early to tell whether 2011 will yield a good vintage, but the market is clearly testing investment selection today with value-adding skills in the spotlight next.”

Scot Moeller, Professor in the Practice of Finance at Cass Business School, said: “It is notable that the first quarter’s activity in this lower middle market has been broader based than last year in terms of both industry sectors and size of deal.

“When combined with the consistently higher deal flow since early 2009, this should be a good indicator of continued strong deal flow in the next several quarters although the market is clearly still at a point where participants expect surprises.

“Particular strengths are currently in the technology sector, including software, as businesses gear up with the continuing improved outlook for the economy; these two sectors should continue to see increasing activity in 2011.”

For more information go to the The Cass/Lyceum Capital UK Growth Buyout Dashboard

*All figures for aggregate enterprise value of private equity investments are based on confirmed values from Experian’s CorpFin database and additional estimations by Lyceum Capital and Cass Business School where undisclosed.

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DST Global launches new fund and invests in Spotify and 360buy

April 1, 2011 — Fusion DigiNet

According to Quintura Blog, Yuri Milner‘s  DST Global, which has made investments in Facebook, Zynga and Groupon, has launched a new fund, DST Global – 2 that will have international investors as limited partners. DST Global – 2will invest in later stage, high growth companies, reported newspaper Vedomosti. Its first investment was one in Groupon in January 2011.

DST Global – 2 is investing $50 million for a 5 percent stake in online music service Spotify, and investing in 360buy the largest Chinese online retailer, by joining its funding round,

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eBay to acquire GSI Commerce for $2.4BN

March 28, 2011 — Fusion DigiNet

eBay is acquiring GSI Commerce, a provider of ecommerce and interactive marketing services, for $29.25 a share, or total consideration of approximately $2.4 billion. The acquisition, which will be financed with cash and debt, is expected to close in the third quarter of 2011.

The merger consideration represents a 51 percent premium over GSI’s March 25, 2011, closing price and a 47 percent premium over the average closing price of GSI Commerce common stock over the 30 trading days prior to March 28, 2011.

“We intend to lead the next generation of commerce innovation. The acquisition of GSI, which offers the most comprehensive integrated suite of online commerce and interactive marketing services available, will significantly strengthen our ability to connect buyers and sellers worldwide,” said John Donahoe, eBay Inc. President and CEO. “Combined with eBay Marketplaces and PayPal, we believe GSI will enhance our position as the leading strategic global commerce partner of choice for retailers and brands of all sizes. With more than 180 customers across 14 merchandise categories, GSI has long-term commerce services relationships with leading retailers and brands. We expect that GSI will benefit from eBay’s global platform and technology capabilities, and its clients will be able to leverage eBay Marketplaces and PayPal services.”

As part of the transaction, eBay will divest 100 percent of GSI’s licensed sports merchandise business and 70 percent of ShopRunner and Rue La La. eBay believes these businesses are not core to its long-term growth strategy. These assets will be sold to a newly formed holding company, which will be led by GSI founder and CEO Michael Rubin.

eBay expects the transaction to result in synergies of approximately $60 million by 2013; the company expects the transaction to be EPS neutral in 2011 and accretive in 2012. As part of the divestiture, eBay will loan the holding company $467 million and retain a 30 percent stake in Rue La La and ShopRunner. In addition, Michael Rubin will invest additional cash of $31 million in the holding company.

Under the terms of the merger agreement, GSI Commerce may solicit acquisition proposals from third parties for a 40-day “go-shop” period continuing through May 6, 2011. It is not anticipated that any developments will be disclosed with regard to this process unless GSI Commerce’s Board of Directors makes a decision with respect to a potential superior proposal. The merger agreement provides eBay with a customary right to match a superior proposal. There is no guarantee that this process will result in a superior proposal.

Goldman, Sachs & Co. and Peter J. Solomon Company are acting as financial advisers to eBay, while Dewey & LeBoeuf LLP is acting as its legal adviser with regard to the transaction. Morgan Stanley & Co. Incorporated is acting as financial adviser to GSI Commerce and Davis Polk & Wardwell LLP is acting as legal adviser to the special committee of the GSI Commerce Board of Directors. Morgan, Lewis & Bockius LLP is acting as legal adviser to GSI Commerce.

Assuming its acquisition of GSI closes mid-third quarter, eBay said it expects the deal to be immaterial to its 2011 non-GAAP EPS guidance which it announced January 19, and have a negative impact of $0.30 – $0.34 to its 2011 GAAP EPS guidance, including a GAAP charge primarily related to the divested GSI businesses.

For more information on the transaction, including background information and factsheets, visit http://changingshopping.ebayinc.com.

USA, San Jose, CA & King of Prussia, PA

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Gilt Groupe acquires Decorati

March 25, 2011 — Fusion DigiNet

Gilt Groupe, an innovative online shopping destination, has acquired home decor site Decorati.  Terms of the deal were not disclosed.

Decorati is a destination site for upscale interior design products and services as well as a community for the display of designer portfolios.  Decorati is a resource that enables interior design professionals to efficiently manage their projects and promote their businesses.  For consumers, Decorati offers a vast inspirational library of product images, along with the ability to connect with design professionals and research products from over 650 trade-only manufacturers.

“My vision for Decorati has always been to create a website to connect consumers with designers and provide broader access to the best interior design products and inspiration,” said Shane Reilly, Founder & CEO, Decorati.  “Marrying Decorati with Gilt’s shopping platform and vision for an expanded Home business will allow for an even stronger offering for our members.”

The Decorati acquisition will pave the way for Gilt to launch a broader Home business. Gilt plans to unveil its new Home offering later this year, which will be a mixture of full-price merchandise, one-of-a-kind items and antiques, daily flash sales, community and social tools, and will include a channel specifically for the designer.

Gilt Home currently offers 30 sales per week from over 400 brands including Baker, Kravet, Jonathan Adler, Stark, Lignet Roset, Mitchell Gold + Bob Williams, Frette, and Soicher Marin. By incorporating a selection of products from additional trade-only brands, Gilt will create an assortment of home décor products shoppable online.

“The design community will be a key component of our expanded Home business,” said Kevin Ryan, Founder and CEO, Gilt Groupe.  “Decorati has done a fantastic job establishing a venue for high-end designers, knowledgeable consumers, and trade-only brands.  We are excited to combine those assets as we expand Gilt’s Home business.

USA, New York, NY

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Gilt Groupe acquires Decorati

March 25, 2011 — Fusion DigiNet

Gilt Groupe, an innovative online shopping destination, has acquired home decor site Decorati.  Terms of the deal were not disclosed.

Decorati is a destination site for upscale interior design products and services as well as a community for the display of designer portfolios.  Decorati is a resource that enables interior design professionals to efficiently manage their projects and promote their businesses.  For consumers, Decorati offers a vast inspirational library of product images, along with the ability to connect with design professionals and research products from over 650 trade-only manufacturers.

“My vision for Decorati has always been to create a website to connect consumers with designers and provide broader access to the best interior design products and inspiration,” said Shane Reilly, Founder & CEO, Decorati.  “Marrying Decorati with Gilt’s shopping platform and vision for an expanded Home business will allow for an even stronger offering for our members.”

The Decorati acquisition will pave the way for Gilt to launch a broader Home business. Gilt plans to unveil its new Home offering later this year, which will be a mixture of full-price merchandise, one-of-a-kind items and antiques, daily flash sales, community and social tools, and will include a channel specifically for the designer.

Gilt Home currently offers 30 sales per week from over 400 brands including Baker, Kravet, Jonathan Adler, Stark, Lignet Roset, Mitchell Gold + Bob Williams, Frette, and Soicher Marin. By incorporating a selection of products from additional trade-only brands, Gilt will create an assortment of home décor products shoppable online.

“The design community will be a key component of our expanded Home business,” said Kevin Ryan, Founder and CEO, Gilt Groupe.  “Decorati has done a fantastic job establishing a venue for high-end designers, knowledgeable consumers, and trade-only brands.  We are excited to combine those assets as we expand Gilt’s Home business.

USA, New York, NY

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Shutterfly to acquire Tiny Prints

March 23, 2011 — Fusion DigiNet

Shutterfly, an Internet-based social expression and personal publishing service, announced today that it has entered into an agreement to acquire Tiny Prints, a privately-held company based in Sunnyvale, CA. Tiny Prints operates tinyprints.com and weddingpaperdivas.com, two fast growing ecommerce brands offering stylish cards, invitations, personalized stationery and photo books. Upon the closing of this transaction, the three co-founders, together with the entire Tiny Prints team will join Shutterfly.

Shutterfly will acquire all of the outstanding stock of Tiny Prints in exchange for approximately $141 million in cash and approximately 3.9 million shares of Shutterfly common stock. In addition, Shutterfly will reserve approximately 1.4 million shares of common stock as consideration for the vested and unvested Tiny Prints employee equity awards assumed by Shutterfly. The structure of the transaction includes a fixed exchange ratio for the equity component of the consideration and provides for certain adjustments, including for working capital and net cash and debt balances at closing.

The deal is expected to close in approximately 30 to 60 days. Tiny Prints stockholders will own approximately 12% of the pro forma combined company. Tiny Prints outside investors will be subject to a six-month lock-up on the sale of Shutterfly shares received in the transaction and the Tiny Prints founders will be subject to a staggered 18-month lock-up. In addition, approximately 9% of the acquisition consideration will be held in escrow for 12 months.

“Shutterfly and Tiny Prints share a common passion: providing customers with innovative, high quality premium products, stylish designs and exceptional customer service,” said Jeffrey Housenbold, President and CEO of Shutterfly. “Together, we will build on our portfolio of iconic brands and combine our passionate, entrepreneurial employees to truly transform the cards and stationery market. We believe the integration of our businesses will create near-term and long-term opportunities for enhanced merchandising, accelerated product innovation and significant scale efficiencies in manufacturing, customer service and marketing. We are excited to welcome the entire Tiny Prints team to Shutterfly.”

“Like Shutterfly, Tiny Prints has experienced rapid growth in recent years,” said Ed Han, Tiny Prints co-founder and CEO. “By merging with Shutterfly, we will benefit from the many synergies and efficiencies between our organizations, enabling Tiny Prints to continue delighting our customers with a broader array of stylish and innovative products and services while growing our brands and maintaining our talented team.”

Evercore Partners served as Shutterfly’s exclusive financial advisor on the transaction and Morrison & Foerster LLP served as its legal counsel. Fenwick & West LLP served as Tiny Prints legal counsel.

USA, Redwood City, CA & Sunnyvale, CA

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