Yelp today announced it has acquired Qype for $50 million, Europe's largest local reviews site. This acquisition brings a much larger footprint to Yelp in Europe, bringing more than two million reviews and 15 million unique visitors per month across 13 countries.
“With its strong local content in key markets like Germany and the United Kingdom, we believe that Qype will help Yelp become the de facto choice for local search in those markets," said Jeremy Stoppelman, Yelp co-founder and chief executive officer.
"Qype's established European sales force will also bring more local business owners into the Yelp ecosystem, which in turn will bolster our mission to connect people with great local businesses all over the world."
Under the terms of the acquisition agreement, Yelp acquired all of Qype's shares, for approximately €18.6 million and 970,000 shares of Yelp's Class A common stock, for a total purchase price of approximately $50 million USD.
“With its strong local content in key markets like Germany and the United Kingdom, we believe that Qype will help Yelp become the de facto choice for local search in those markets," said Jeremy Stoppelman, Yelp co-founder and chief executive officer.
"Qype's established European sales force will also bring more local business owners into the Yelp ecosystem, which in turn will bolster our mission to connect people with great local businesses all over the world."
Under the terms of the acquisition agreement, Yelp acquired all of Qype's shares, for approximately €18.6 million and 970,000 shares of Yelp's Class A common stock, for a total purchase price of approximately $50 million USD.
Update
Speaking in a call to financial analysts following the acquisition announcement, Yelp co-founder and chief executive officer Jeremy Stoppelman said that Qype was an opportunistic acquisition. The two companies talked for a few months before the deal was sealed.
He indicated that Qype has around 150 employees with two third of them in sales. The business of the company is made by 60 to 70% revenue from ad packagesand 20% display advertising. The vast majority of Qype’s traffic is coming from Germany and United Kingdom.
Qype financials were not disclosed during the call but more information will be given next week as Yelp will be releasing full information about their quaterly earnings on November 1st.
Speaking in a call to financial analysts following the acquisition announcement, Yelp co-founder and chief executive officer Jeremy Stoppelman said that Qype was an opportunistic acquisition. The two companies talked for a few months before the deal was sealed.
He indicated that Qype has around 150 employees with two third of them in sales. The business of the company is made by 60 to 70% revenue from ad packagesand 20% display advertising. The vast majority of Qype’s traffic is coming from Germany and United Kingdom.
Qype financials were not disclosed during the call but more information will be given next week as Yelp will be releasing full information about their quaterly earnings on November 1st.
Home page
send to a friend
print
