Terms were not disclosed but insiders, per Mass High Tech, put the deal at about $135 million. Here are the key points from a TechCrunch recap:
- Where offers a variety of LBS apps and has a deal offering, WhereBuys built from the acquisition of Local Ginger, last year. The apps run on iPhone, Android, and Blackberry with about 4 million users monthly. Where's LBS ad platform supports more than 120,000 retailers.
- Where will run under the PayPal division and PayPal will be integrated into Where’s mobile app as a payments mechanism for its local deals.
- E-bay may be acquiring the company in part for its patent portfolio, including a key LBS/geofencing patent granted last year.
- Where began using its products name only in 2010; until then it was known as uLocate.
This is an indication generic LBS offerings are maxing out and the big players are looking to acquire their location technology staff while it's still small and inexpensive. That's why Apple jumped on Placebase and Groupon grabbed faltering Pelago just yesterday. Look for other big name and lesser LBS companies to be acquired before the economy fully turns around.