Kijiji, eBay's (Nasdaq: EBAY) international classifieds group, today announced that it has acquired Gumtree.com and LoQUo.com, two separate classifieds Web sites operating in select international cities. The acquisitions help Kijiji expand its global network of Web sites, and allow Gumtree and LoQUo to further scale their businesses with the resources and expertise of Kijiji and eBay.
INFO SOURCES
eBay (Nasdaq: EBAY)
FIRMS
Gumtree.com, founded in London in March 2000 by Michael Pennington and Simon Crookall, is a leading local classifieds site in the United Kingdom. A popular online community center for apartment rentals, employment, and goods and services, Gumtree offers multiple city sites in a number of countries including the United Kingdom, Australia, New Zealand, and South Africa.
LoQUo.com, founded in Barcelona in September 2002 by Ubaldo Huerta, is a leading communityfocused classifieds site in Spain. A local online meeting place, LoQUo specializes in housing, personals, employment, jobs and practical items for sale. LoQUo offers multiple city sites in Spain and other European countries.
Kijiji, which means “village” in Swahili, is a group of classifieds-style Web sites that offer a convenient, fun, and easy-to-use way for people in the same city to meet, share ideas, trade goods, and help one another out in a range of areas such as housing, jobs, and personals. Kijiji is currently available in more than 90 cities in Austria, Canada, China, France, Germany, Italy, Japan, Switzerland, and Taiwan. It is a start-up within eBay created by a small team of entrepreneurial employees.
GUIDANCE
eBay does not expect either acquisition to have a material impact on 2005 net revenues and earnings per share, and does not expect either acquisition to affect eBay's financial guidance as issued in connection with its first quarter earnings announcement on April 20, 2005.
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