News Digital Media has acquired almost 30% of Getprice, Australia’s largest independent shopping comparison search engine.
Richard Freudenstein, News Digital Media chief executive officer, said the company had taken a 27.5% share in the online service as part of a long-term strategy to invest in businesses with similar assets to its own.
However he would not be drawn on the cost of the acquisition.
“The investment is part of a wider business development plan to identify opportunities that we have strong linkages with and can leverage existing assets,” Freudenstein said.
“Getprice is a leader in its market and has consistently demonstrated innovation and strong management.
“This further bolsters News Digital Media’s offering in the market, expanding the opportunity for advertisers and users and it also comes at a time when the online retail industry is forecast to grow in excess of 20% year-on-year to 2010,” he said.
Chris Hitchen, Getprice managing director, said the partnership indicated that online comparison shopping was coming of age in Australia.
“We look forward to working closely with News Digital Media on business development opportunities and growing the Getprice brand in Australia.”
Getprice will operate separately to News Digital Media.
Michael Robinson, CEO of the media division of News Digital Media and Guy Reypert, business development director will join the Getprice board.
The search engine, which was developed in 2005, advertises 500,000 products and services from 350 retailers.
It secured its position as Australia’s largest independent shopping comparison site in April after acquiring competitor Shopferret.
