Yelp Inc. (YELP), the platform that connects consumers with local businesses, acquired Eat24, a San Bruno, California-based online food ordering service, for approximately $134m.
The acquisition consisted of approximately 1.4 million shares of Yelp Class A common stock and $75 million cash.
Founded in 2008 by Nadav Sharon, chief executive officer, Eat24 provides approximately 20,000 restaurants in over 1,500 cities nationwide with the ability to offer online delivery and takeout services. Yelp now aims to drive daily engagement in the restaurant vertical and plans to expand Eat24’s offering to the U.S. restaurants listed on its platform.
Founded in San Francisco in July 2004, Yelp aims to connect people with local businesses (from boutiques and mechanics to restaurants and dentists, etc.) in major metros across 29 countries. The platform had a monthly average of approximately 135 million unique visitors in the fourth quarter of 2014 (as measured by Google Analytics). By the end of the same quarter, users (Yelpers) had written approximately 71 million local reviews.
FinSMEs
12/02/2015