Aussie Site sells for 90 Million

by Quentin

Posted: 13 years ago 30 replies

INTERNET MARKETING

Another couple of down and out guys who have made a fortune online.

Melbourne based internet startup Stateless Systems has sold its RetailMeNot site to emerging US online media player WhaleShark Media for an amount close to $90 million.

Stateless was founded in October 2006 by online veterans Guy King and Bevan Clark on the back of the then-fledgling RetailMeNot site, which allows users to find and share discount shopping coupons, deals and tips at some 70,000 stores around the globe, as well as the popular BugMeNot site, which allows users to bypass compulsory registration on some sites.

This morning US-based online coupon group WhaleShark Media announced the acquisition of RetailMeNot, in a deal which Delimiter understands is worth close to $90 million. RetailMeNot itself will make close to $30 million this year in revenue, with what is understood to be a high profit margin.

It is understood that no staff will transfer across to WhaleShark as part of the deal, which also does not include Stateless' other properties or the Melbourne startup itself.

Read More here

Delimiter – $90 million payday: Aussie startup sells RetailMeNot

What do you think. Is your site ready for market?

Quentin

#aussie #million #sells #site

sbucciarel Banned 13 years ago

Fantastic. These coupon sites are really making bank.
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badboy_Nick 13 years ago

Youtube sold for what ... 1.65 billion USD? It currently loses more than 1 million a month.

What do YOU think? Wise business move?

Nick
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- WillR 13 years ago
  
  Originally Posted by badboy_Nick
  
  Youtube sold for what ... 1.65 billion USD? It currently loses more than 1 million a month.
  
  What do YOU think? Wise business move?
  
  Where are these figures coming from? The media?
  
  Youtube is owned by Google and I think they can easily afford to lose $1 million per month - that's chump change. In business it's not always about how much money you are going to make by purchasing another company - it's about other things like market share and branding. And getting rid of your biggest competitors.
  
  Google wants to have control of as much advertising space on the Internet as possible - that's why they recently purchased admob also.
  
  Sure, Youtube may not have gone as well for them as they had hoped (so far) but I don't think it was a stupid move to purchase Youtube.
  
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tryinhere 13 years ago

Saw that on the chat shows tonight, good on them, from what i heard they started with a few bob and a dream, many people like that here as well, maybe the gods of good fortune will smile upon another here.
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Always-A-Warrior 13 years ago

That's great. I hope to see the similiar thing here at WF one day maybe someone has a site that is getting great reviews and ready to sell.
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testdrive 13 years ago

90 millions? No way.. It's a usual site..

Though the database is huge..
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invitetheweb 13 years ago

90 million is a bit hard to believe but hey if it's true that's awesome for them!
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willyboy104

13 years ago

Once again the "online deal" market becomes front page news in the media. It is amazing how huge the online deal/coupon market has become in little over 3 years.

$90 million seems like a bargain to me if it is allegedly going to make $30 million in revenue this year. With the current climate in the on-line deal market and the rapid growth they could really make some big bucks with a site like that.

Suprising that they sold in the first place...perhaps they were scared of being taken out of the market by the Group buying giants "Groupon".

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akazo

13 years ago

Originally Posted by willyboy104

$90 million seems like a bargain to me if it is allegedly going to make $30 million in revenue this year. With the current climate in the on-line deal market and the rapid growth they could really make some big bucks with a site like that.

$30M in revenue could be $5M in profit or $1M or whatever... might not be a bargain.

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SeoNumber9 13 years ago

coupon sites are really getting hot right now

i shall do some research on how to start one
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- WillR 13 years ago
  
  Originally Posted by SeoNumber9
  
  coupon sites are really getting hot right now
  
  i shall do some research on how to start one
  
  I think you missed the bandwagon on that one. That's like saying, wow, Facebook is really hot right now, I should start a social network that does the same thing.
  
  You should have started a coupon site years and years ago - like these guys did. They are big NOW.
  
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  x3xsolxdierx3x 13 years ago
  
  Didn't Groupon just reject a 6 billion $$$ offer from Google to buy them out?
  
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  Mike Hlatky 13 years ago
  
  Originally Posted by x3xsolxdierx3x
  
  Didn't Groupon just reject a 6 billion $$$ offer from Google to buy them out?
  
  Yes.
  
  This most needs more characters.........
  
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  willyboy104 13 years ago
  
  Originally Posted by x3xsolxdierx3x
  
  Didn't Groupon just reject a 6 billion $$$ offer from Google to buy them out?
  
  Yes, supposably they did however this is comes under speculation since Groupon's core business has many different shareholders to consider, especially since Groupon has merged/taken-over several other companies in the past.
  
  I would assume there was a conflict of interests, however we do not know yet. Even those working for Groupon have not been made aware of what actually is happening with Groupon and Google's interests in the company.
  
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- RegalWeb 13 years ago
  
  Originally Posted by SeoNumber9
  
  coupon sites are really getting hot right now
  
  i shall do some research on how to start one
  
  Sad to say that it won't work.
  
  If you'd like to be like them, you should have started your coupon site years ago. You just can't put up a site and sell them for millions in an instant. You need to build credibility and a huge mass of followers. And this can only be achieved through years of quality service.
  
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Sheryl Polomka 13 years ago

Wow - great for them!!! Can you imagine paying $90m for a site though - you sure would want it to make big profits wouldn't you!
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BlondieWrites 13 years ago

Makes one wish one had thought of such a thing, doesn't it?

(Yes, it does! lol)

Cindy
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sal64 13 years ago

Chalk up another one for the wonders from down under!

LOL... I hope it's $90 million AUD
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- wassnerwone 13 years ago
  
  id be lucky to sell my site for 90 cents let alone millions that is crazy to me
  
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AmyBrown 13 years ago

Another big sale recently was weedmaps.com (not work friendly!) for $69,200,000 in stock and cash plus jobs for the two principals as well as the possibility for future earnings.

http://www.otcmarkets.com/otciq/ajax...d.pdf?id=39910

Of course these are businesses not just websites, a point that sometimes gets lost here.
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- WillR 13 years ago
  
  Originally Posted by AmyBrown
  
  Of course these are businesses not just websites, a point that sometimes gets lost here.
  
  Yes, but there would be no business if it weren't for the website. That's why people are inspired by stories like this.
  
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  AmyBrown 13 years ago
  
  Originally Posted by WillR
  
  Yes, but there would be no business if it weren't for the website. That's why people are inspired by stories like this.
  
  I hope people are inspired! However, I see a lot of people with websites, relatively few with an actual business.
  
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goindeep 13 years ago

Great job for em! I can see why it sold for 90 mil. Its got scale. Simple as that.
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Bicycle Cat 13 years ago

Wow, I didn't know RetailMeNot was based from the same city I live in!

Good job to the owners, that's some smart business planning.
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Black Hat Cat Banned 13 years ago

Three times annual revenue??? Don't these folks know you're not supposed to pay more than 6 months revenue for a website?
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- CDaeda 13 years ago
  
  I heard rumors that FaceBook wants to go public to raise 50 billion in stock sales. This recent 90 mill deal makes me want to make more sites.
  
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rhinopower 13 years ago

Wow that is allot of clams.

Rhino
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celente 13 years ago

I am from australia, and tis good to see young lads hard work pay off.

$90 million dollars...i am guessing the owner has a lot of money and can see a future for this kind of industry. I guess going on in the economy more people will lose their jobs and have less money to spend so maybe he is working on the angle that more people will be after more bargains.

Hope those lads use the money wisely. Buys some beer and celebrate.

Just goes to show you hard work and determination pays off.
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nelaffiliate 13 years ago

Nice one.... people really love coupon sites. There are still lots of high profile sites selling for good money. Make as much from any website you might have. Remember that things change. Even Facebook will eventually lose its money making power, but something else will come up later.
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paulie888 13 years ago

I think that they did well to sell at this point in time, because discount coupon/deal sites seem to be all the rage these days, especially with the present state of the economy.

It's great that the RetailMeNot is actually turning a profit, since in many cases with these huge multimillion dollar sites they can still exchange hands for many millions of dollars even if they're losing money, as long as they show excellent future potential for realizing profits. I'd think that in this case, WhaleShark Media actually picked up a pretty good deal here.

Paul
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Aussie Site sells for 90 Million

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