Local.com Corp., a provider of local search services on the Internet, recently announced that it has acquired Krillion, Inc., a provider of a location based product search that allows online shoppers to connect with products that are available in stores locally, with the most current information on pricing and discounts.
Krillion Inc. matches up consumer product information from various retailer websites and data feeds to create the most up-to-the-minute structured index of more than 70,000+ products across numerous consumer categories, which include: appliances, baby products, computers, tools, video games, electronics, and home & garden. The data index is compromised of 1,200 brands that branch from over 50,000 retail locations across the nation and integrates product images, current pricing, retailer and manufacturer discounts, and real-time in-stock information.
In accordance to Forrester Research, almost half of retail sales are “web-influenced,” and these sales that are web-influenced are expected to reach $1.2 trillion by the end of the year 2012.
Krillion Inc. also specializes in StockCheck™, which is a real-time tool that allows for tech-savvy shoppers to quickly locate, compare, and purchase products that are located physically close by. Krillion Inc. takes pride in offering a state-of-the-art product pricing and discounts alert engine, the ability for its consumers to take advantage of in-store pickup and other convenient options offered by various retailers, and local product information.
“Local product search is a natural fit for our business model and our key ‘soccer mom’ demographic,” said Raj Mohan, Local.com senior vice president and general manager, owned & operated. “Krillion provides us with highly valuable local shopping content that we intend to deploy across our business in order to differentiate our various products to our end users, customers and business partners.”
Local.com will be using Krillion’s product, discounts, and pricing by integrating the functions on the Local.com website, along with the company’s future retail verticals, forming an alliance of shopping data and the network business unit.
Sherry Thomas-Zon, Krillion’s CEO, will become Local.com’s vice president, local shopping.
“The Krillion team is excited to join the Local.com family. We have built the leading platform to bring real-time shopping data from retailers to online consumers shopping for products and services locally,” said Thomas-Zon. “Our business is an excellent fit with the media platform Local.com has built. We look forward to integrating Krillion across the Local.com ecosystem.”
Per the agreement, Local.com acquired all of the outstanding capital stock of Krillion for $3.5 million in cash. Krillion will become a wholly owned subsidiary of Local.com with its offices in Mountain View. Morgan Joseph served as the advisors for the company in terms of the agreement.
For more information on the company and its services, visit their website at www.local.com
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