ShopIt Acquired By Altrinsic

Los Angeles-based ShopIt, which develops online, e-commerce software which allows people to buy and sell products through social networking sites like Facebook and MySpace, has been acquired by Altrinsic. Financial terms of the acquisition were not announced. ShopIt was venture backed by Emerson Ventures and Propulsion Ventures, and had raised $2.5M in a Series B in October. Publicly held Altrinsic, which is based in New York, said that ShopIt will become part of its Atrinsic Media network, its slate of rich media properties. Altrinsic noted that the ShopIt acquisition is part of an effort by the firm to look for companies at "attractive valuations", saying that the current macro-environment for funding early and mid-stage startups has given it opportunities for acquisitions.