Online local media company Local.com this morning announced that it has acquired Screamin’ Media Group, the company behind Groupon clone daily deals site Screamin’ Daily Deals.
Local.com paid $12.5 million in cash, stock and debt, with the opportunity for the shareholders of Screamin’ Media Group to earn up to an additional $20 million if certain – no doubt high-end – financial performance criteria are met during the two-year period following the closing of the transaction.
Founded in early 2010, Screamin’ Daily Deals has approximately 60 employees serving “hundreds of thousands” of subscribers with deals from local merchants across 14 markets all over the United States. The company also recently launched travel deals.
The startup is said to have generated – unaudited – revenues of approximately $2.4 million in 2010 and $4.4 million during the first half of 2011.
Screamin’ Media Group will relocate to Local.com’s corporate headquarters in Irvine, California, where it will be absorbed by the latter’s group buying business unit Spreebird.
The startup’s three co-founders, formerly president, CEO and COO, will become Spreebird’s vice presidents of sales and marketing, product and operations, respectively.
Local.com just entered a two-year agreement with Google to implement “certain advertising and search services,” according to a recent filing to the SEC, causing shares to jump.
Also read:
Local.com Buys Local Search Company Krillion For $3.5M, Debuts Daily Deal Service
Local.com Aims To Raise $15.5 Million In Public Offering
Local.com Buys Domain Advertising Company OCTANE360 For Up To $11M
ScreaminÂ’ Daily Deals (SC) is a Delaware corp. headquartered in San Juan Capistrano, Calif. The company launched service in February of 2010. SC is an Internet marketing company delivering deals to consumers on a targeted-community basis via e-mail and social media channels. Daily deals offer consumers discounts of 50%-90% off products, services and attractions. SC has partnered with local schools and nonprofits to give back a percent of proceeds based on the sale of daily deals.
Local.com® was founded in 1999 – The company’s first product was a downloadable software application that consumers could use to search for product information online. Its second-generation product was a web-based search engine that allowed the company to reach additional consumers and advertisers through partnerships with other search companies. In 2003, the company developed its patent-pending Keyword DNA™ technology, which was designed to greatly improve the relevance of local search results. The company incorporated Keyword DNA into its LocalDirect search...
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