TeamBuy said this will offer its subscribers more exclusive shopping experiences through FabFind's merchants, and add to its member database a demographic of "young, fashion-forward, high-income urban professionals."
"With only a handful of major deal sites now competing for market share, we've chosen FabFind.com to diversify our offerings and penetrate the lifestyle e-commerce business," says Ghassan Halazon, CEO, TeamBuy. "Jumping into the luxury lifestyle category is a real game-changer as we are now gaining and attracting new customers to a niche offering that is yet to be fully explored in Canada."
The daily deals site launched in October 2009. It has since raised $12 million in funding. The company now expects gross revenue of $40 million for 2012.
"TeamBuy is a pioneer in the Canadian social commerce sphere," says Bill Heilmann, CEO, FabFind.com. "Through our discussions with them, it became clear that their national footprint, advanced platform equipped with consumer mobile and merchant solutions, and brand alignment resonated with our company values and the expectations of our customer base."
The value of the deal was not disclosed.
2012 continues to be a banner year for Canadian tech acquisitions - be sure to check out Techvibes 2012 Canadian Acquisition Tracker.