European Merger Creates E-Commerce Giant

The merger of two shopping portals, U.K-based
and the Latin American site,
has created the largest shopping comparison service in Europe.

Earlier this year in April, merged with Spain’s,
which brought an extensive directory of online merchants. The
latest merger adds even more facilities to the service, still

Shopgenie was founded last year by 23-year-old Philip Wilkinson,
who commented that the merger would help to give the
edge over the competition by adding Shopgenie’s advanced technology
to its existing facilities.

“Our proprietary technology and the sheer number of site
comparisons in each category, combined with the largest directory
of merchant sites in the world and the ability for a user in
country A to source a product from a merchant in country B and
get it delivered to country C, will give the edge
over our rivals.” expects to achieve a turnover of £1.7 million
($2.72 million) this year, creating more than 200 new jobs in
Europe and Latin America. It has raised £8 million
($12.8 million) in recent months and is finalizing a further
£20 million ($32 million) round of financing scheduled
for the end of May. will launch a new, expanded Web site on June 1,
with versions in English, French, Spanish and Portuguese.
Later in the year they will be followed by German, Italian
and Scandinavian sites.

The Spanish and Latin American industrial Internet group
Netjuice is the largest shareholder in with
a 37 per cent stake. The three founders, Pierre Chappaz,
Jorge Juan Garcia and Philip Wilkinson, have a combined
holding of 36 percent, while the remaining shares are
held by financial investors including Banexi Ventures
(BNP/Paribas), Innovacom (France Telecom) and Plc.

Pierre Chappaz, a former marketing director of IBM Europe,
will be chief executive officer of the expanded venture.

“The UK is one of the most mature e-commerce markets in
Europe today and as such is of strategic importance to By year end, the U.K. could be our strongest
single contributor in terms of revenue,” said Chappaz.

Although still in its infancy in the U.K. and Europe,
comparison shopping is expected to grow rapidly,
following the example of the United States where
e-commerce shopping guides account for 21 per cent of
all online shopping.

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