News Limited has acquired full ownership of online comparison shopping site Getprice five years after it was launched by two entrepreneurs.
News Limited's News Digital Media initially acquired a significant minority share
in the company in October 2007 before increasing its investment to 52.5% in July 2009. The move takes News Digital Media's stake to total control.
Founded in 2005, getprice.com.au compares prices from hundreds of retailers across Australia, including Bing Lee, Officeworks, Dell, Dick Smith Electronics, Big W and Apple.
The chief executive officer of Getprice, Chris Hitchen, and his senior management team, including chief operating officer and company co-founder, Jared Oken, will remain with the business. Hitchen will report to News Digital Media’s executive director of emerging business, Michael Solomon.
“Under Chris’ strong leadership Getprice has undergone enormous growth and is undoubtedly the pre-eminent site of its kind," said News Digital Media chief executive Richard Freudenstein. "By taking full ownership we will be able to further leverage our digital and print assets to aggressively drive traffic and revenue.
“Over the next four years the Australian online retailing market is predicted to grow by 50% to $18 billion. With 57% of online shoppers now visiting a comparison website before making a purchase decision, we see a very successful and highly profitable future for Getprice.”
Between January–June 2010, Getprice.com.au was ranked number one based on market share visits among all Australian websites in the Hitwise Shopping and Classifieds – Rewards and Directories industry.
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