Getprice.com.au, released in 2005, the website enables users to compare prices on products empowering them to make informed choices when purchasing. The site is said to list more than 2M products from over 1K retailers which includes some of the most infuential and famous brands.
The complete financial details of the deal are not being disclosed.
Chris Hitchen, the C.E.O. of Getprice.com.au and Jared Oken, company co-founder, will remain with the business. Mr Hitchen will report to News Digital Media’s Michael Solomon, the executive director of emerging business.
Mr Freudenstein, the chief executive officer of News Digital Media, said that the acquisition was part of News Digital Media’s strategy to build a portfolio of businesses with diverse revenue streams and had been timed to coincide with the explosion in online retailing.
“Under Chris’ strong leadership Getprice has undergone enormous growth and is undoubtedly the pre-eminent site of its kind. By taking full ownership we will be able to further leverage our digital and print assets to aggressively drive traffic and revenue.”
“Over the next four years the Australian online retailing market is predicted to grow by 50 per cent to $18 billion. With 57 per cent of online shoppers now visiting a comparison website before making a purchase decision, we see a very successful and highly profitable future for Getprice.”
Mr Hitchen said that he and the Getprice team were excited to be joining News Digital Media and benefitting from being part of Australia’s largest media company.
“Becoming part of the News family means Getprice will benefit enormously from the support and expertise of not only the best and most innovative digital business in the country, but also News Limited and, ultimately, News Corporation.”
“My team and News share a big vision for this business and we are committed to investing heavily for long term growth.”
“Over the coming months we will be making significant changes to the Getprice website, evolving our mobile shopping proposition, launching a consumer marketing campaign and integrating with other News assets, both digital and print.” Mr Hitchen added
“On behalf of everyone at Getprice I would like to thank our shareholders who have been so supportive of the company over the past five years.”
News Digital Media initially acquired a significant minority share in the company in October 2007 before increasing its investment to 52.5 per cent in July 2009.