Local Corporation Sells Spreebird

Irvine-based Local Corporation is abandoning the daily deals market, saying this morning that it has sold its Spreebird daily deals business to nCrowd. Financial terms of the sale were not announced. Local Corporation said that nCrowd has acquired both the Spreebird business and all related assets, as the company has decided to exit from the direct SMB sales market. Local Corporation said it expects the sale will improve earnings and cash flow for the year by approximately $600,000 a year. Local Corporation launched its Spreebird daily deals service in 2011, at the height of the daily deals craze.