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SOFTWARE INDUSTRY NEWS |
Google looking to buy Yelp - Reports |
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Google Inc is reported to be in discussions to buy Yelp Inc, a popular website that hosts reviews of local businesses, with reported suggesting that if the deal were to go through, Google could get more than just a leg up in the highly lucrative local advertising market. Yelp ranks amongst the top 100 websites in the US according to Alexa. Reuters reported that Google may be willing to pay around $500 million for Yelp. Google's possible acquisition of Yelp would give it access to one of the most popular online repositories of reviews of small businesses varying from local restaurants to financial services and real estate. Local advertising is seen as the next big untapped opportunity, and for Google it means trying to capture an increasing share of a local merchant's advertising budget by moving them to online advertising. Analysts reportedly consider local advertising to be a multi-billion dollar online opportunity. Technology blog TechCrunch and the New York Times reported the discussions as "advanced" and "serious,"”, while estimating the value of the deal at around $500 million or more. Reports said that talks were at a stage where some Yelp investors had reservations that selling out to Google may well be premature as the company would be valued even more if it were to develop its business further. Yelp is owned by a consortium of venture firms who have invested in the firm over time. Local advertising is largely driven by coupons, local TV, newspaper or print ads, and yellow pages, even though there have been some initiatives in trying to get local businesses to advertise online. Earlier this year in July, Yahoo! Partnered with AT&T that saw the phone company's 5,000 sales people selling Yahoo advertising inventory to local businesses. |
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