RealTime IT News

QXL.com Acquires Auction Business in Poland

Online auctioneer QXL.com announced Monday that it has agreed to acquire Allegro, an online auction site in Poland, from e-commerce company SurfStopShop.

Although Allegro is the largest site of its kind in Poland, QXL.com will be paying just $75,000 in cash for it. Many items offered for sale in online auctions often cost more, but as QXL explained to internet.com, the market in eastern Europe is undeveloped.

"This acquisition will enable QXL.com to gain a firm foothold in eastern Europe, one of the most dynamic frontiers for Internet expansion," said Jim Rose, chief executive officer of QXL.com.

Arjan Bakker, managing director of SurfStopShop, will serve as managing director of an expanded QXL operation in Poland, with the Allegro team joining the increasingly pan-European online auctioneer.

Together with Matthias Schmidt-Pfitzner, QXL Germany's managing director, Bakker will oversee QXL's expansion into eastern Europe.

"We are thrilled to be a part of QXL.com and to be providing it with a solid platform to initiate expansion into Eastern Europe," said Bakker.

Since its U.K. launch in November 1997, QXL.com has expanded to its present position where it runs consumer-to-consumer and business-to-consumer auctions in eight languages and currencies.

Listed on the London Stock Exchange and the Nasdaq National Market, QXL.com offers auctions in German QXL.de, French QXL.fr, Italian QXL.it, Dutch QXL.nl, Norwegian QXL.no, Danish QXL.dk, and Spanish QXL.es.