As Groupon plans IPO, Toronto group-buying site gets acquired for $700K
Toronto's Intertainment Media announced yesterday that it has signed an agreement to purchase Toronto's DealFrenzy.com.
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 cash and Intertainment Media common stock with $500,000 in cash and $200,000 in Intertainment common stock. The acquisition is expected to close by late June 2011.
DealFrenzy.com is scheduled to go live in early July 2011 and has partnerships with strategic national and multi-national brands including Yogen Fruz, Things Engraved, and Jamba Juice Canada.
DealFrenzy.com will launch in select cities in 2011 and plans international, multi-language expansion based on Intertainment’s Ortsbo experiential language platform.
