GoTo.com Wins Bid on AuctionRover
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GoTo.com (GOTO) will issue 3.47 million shares of its stock to acquire AuctionRover, a one-stop resource for online auctions. The transaction is expected to close in April.
AuctionRover simultaneously searches a number of auctions with crawler technology to find the best auctions for a specific item. Its acquisition by GoTo adds to its strategy to building a comprehensive way for consumers to find the most relevant products and services across the Internet, said Ted Meisel, GoTo's chief executive officer.
"GoTo is dedicated to helping consumers find what they're looking for, and AuctionRover is a natural extension to our marketplace," said Meisel.
AuctionRover competes in the auction space with other aggregators such as AuctionWatch and Bidder's Edge, which was recently purchased by OpenSite Technologies Inc. Those aggregators have been in fights with auction powerhouse eBay Inc. (EBAY) over access to eBay's auction listings. Unlike its competitors, AuctionRover has a licensing agreement to provide eBay listings information.
GoTo.com differs from other search engines by offering a pay-for-position model for search results. No word on how auction rover's search will be incorporated into the GoTo.com platform.
internet.com is an investor in AuctionRover.com.