Atrinsic Buys Social Network E-Commerce Startup ShopIt
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Digital content network Atrinsic has purchased ShopIt, a startup which makes it easy for people to buy and sell goods on social networks. Users set up their own storefronts on ShopIt—and then syndicate their listings on various social networks via apps they can install. The company’s apps have been installed more than 800,000 times. Financial terms of the deal were not released, although ShopIt announced in October that it had raised $2.5 million of a $7 million second round—funds which it used to launch an ad network.
SEE ALSO: Social Commerce Provider Shopit Gets $2.5 Million Second Round
In its announcement, Atrinsic said, “the current macro-environment for funding early and mid-stage startups may create additional opportunities for (the company) to buy formidable product, content and media assets at attractive valuations”—although it didn’t directly say that ShopIt was selling because it could not raise more funds. Indeed, when ShopIt raised the first tranche of its round, the startup said it had enough money to last through 2010.
Other Atrinsic properties include gaming site GatorArcade, mobile music download firm Ringtone.com, and dating service iMatchUp. Release.
Posted In: Advertising, E-Commerce, Payment Systems, Money, M&A & Venture Capital, Mergers & Acquisitions, Social Media
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