Local.com on Tuesday announced acquisition of Screamin’ Media Group Inc., the company behind daily deals website, partly in cash, debts and stocks.
According to the Wall Street Journal, the web-based local media company Local.com has purchased the daily deals website for $12.5 million.
"This transaction diversifies our revenues and provides us with a new way to engage consumers,” stated Chairman and Chief Executive of Local.com Health Clarke.
The company which was established in the year 2010 boasts of about 60 headcounts dealing with “hundreds of thousands” of users and merchants from over 14 markets in the entire United States of America.
The company has generated nearly $2.4 million as revenue in the year 2010 while it has managed to surge its revenue by huge number to reach $4.4 million during first fiscal half of current year.
The company is expected to join Irvine, California-based Local.com and work with its unit Spreebird at its headquarters. It has also been informed that the former President, chief executive and chief of operations at Screamin’, post-merger will hold the rank of vice president in sales and marketing, product division and operations.