Aussie Site sells for 90 Million
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.
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Delimiter – $90 million payday: Aussie startup sells RetailMeNot
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