Former eBay executive joins Mesa online advertising firm
Published June 7th, 2007
Internet Yellow Pages provider YP Corp. announced Thursday that it has acquired LiveDeal Inc., which operates online business listings and classified advertising.
The deal also brings a former eBay management member to the YP team, according to the Mesa company’s announcement. LiveDeal founder and Chief Executive Rajesh Navar will serve as president, chief architect and board member.
Under the deal shareholders of California-based LiveDeal received 15, 968,514 shares of YP common stock. LiveDeal will remain an independent entity and operate as a subsidiary of YP.
YP said it plans to use LiveDeal’s technology platform to converge its marketing channels - directories, mobile services, classifieds and advertising/distribution networks into a hyper-local marketing solution for businesses and consumers.
“We expect to become the first company to fuse relevant Yellow Pages and classifieds listings into a powerful, fast growing online local search marketplace helping buyers and sellers in local communities connect with one another quickly and effortlessly,” said Navar. “For me personally, it is an eBay opportunity all over again. This combination has created a company that has strong management, profitability and a fast growing $30 billion local advertisement market opportunity.”
For the quarter ended March 31, YP (OTCBB:YPNT) reported $6.1 million in revenue and net income of $626,262.
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