Monday, July 11, 2011
Local.com Buys Screamin' Daily Deals For $32.5M
Irvine-based Local.com, the online publisher of local business guides and advertising sites, has acquired San Juan Capistrano-based Screamin' Daily Deals, the local daily deals site. The deal was worth $12.5M in cash, stock, and debt, with possible earnout of an additional $20M, based on future financial performance. Local.com said that Screamin' Daily Deals had revenues of $4.4M during the first half of 2011, and revenues of $2.4M in 2010. The daily deals site apparently also had grown to approximately 60 employees and 14 different markets. Local.com said the buy would diversify its revenues. In a sign of how fast the daily deals market has grown, Screamin' Daily Deals was only founded in 2010.