Wednesday, 24 October 2012

Yelp bought Qype for $50m

"Yelp Inc. (NYSE: YELP), the company that connects consumers with great local businesses, today announced it has acquired Qype, Europe's largest local reviews site. Qype was acquired to accelerate Yelp's international expansion, bringing more than two million reviews and 15 million unique visitors per month across 13 countries.
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. Qype is headquartered in Germany, with operations also in the United Kingdom. The acquisition will be recorded in Yelp's fourth quarter and 2012 year-end financial statements."

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