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Yahoo nabs Aussie-NZ group buying site

Yahoo7, the Australasian subsidiary of Yahoo, has bought group buying site, and its New Zealand operation

Terms of the deal were not announced.

Spreets – which has a relatively low profile on this side of the Tasman – claims 500,000 members across the two countries, and 274,000 vouchers sold.

Yahoo7 owns 51% of YahooXtra, with Telecom holding the remaining 49%.

Spreet is a one of countless sites worldwide trying to cash-in on the group buying craze.

Group buying sites typically feature a deal of the day, with the deal kicking in once a set number of people agree to buy the product or service. Buyers then print off a voucher to claim their discount at their local pizza joint or dentist or whatever.

The category hit the headlines late last year when Google reportedly offered to buy the most successful site, Groupon for $US6 billion. turned down the offer, and is now planning an IPO, with $US1 billion shares issued, that values the company at $US9 billion.

The two largest local group buying sites are Groupy, backed by entrepreneur Lance Wiggs, and Grabone, 50% owned by Herald publisher APN. Read about their latest exploits, and growth, here.

More by Chris Keall

Comments and questions

and word on the street has it that is now owned by Yellow?

[Jeepers. What street is that? CK]

Little wonder why Yahoo7 wanted in on the daily deal / online group buying scene when LivingSocial (in the US) has sold over 1 million Amazon $20 gift cards and counting in less than half a day. LivingSocial invested in JumpOnIt ( here locally late last year.

If you can't get enough of 1 groupon a day, check out Grouponbot finds cool national deals from other cities for you.

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