RealTime IT News

AOL, Other Firms Drop $50 Million into DealTime.com

Comparison shopping service DealTime.com coaxed $50 million in funding from a slew of investors, including America Online Inc. and Time Warner.

This mezzanine round of financing was led by private investment firm Bain Capital, with additional investments from AOL (AOL), Time Warner (TWX), Bank of America, UBS Capital, Hollinger Capital and Singapore Telecom.

Warburg Dillon Read acted as exclusive advisor to the company in connection with this transaction. DealTime.com will use the new financing for working capital, business development, and marketing so that it can continue on its path to become the ultimate buyers' gateway on the Web.

"With online comparison shopping coming of age, DealTime.com is well-positioned to add substantial value and convenience to consumers' online buying experience and to capitalize on this growing trend, enabling customers to use the Internet to make informed buying decisions," Len Leader, president, AOL Investments.

Boasting more than 2.4 million visitors last December according to PC Data Online, DealTime.com is a free, independent, comparison shopping service that scours the Web for the products consumers want -- for what they want to pay for them.