eBay to Buy Local Shopping Site: Report

NEW YORK ( TheStreet) -- eBay ( EBAY) is close to purchasing shopping site Milo.com for $75 million, according to a report from Business Insider.

Milo, based in Palo Alto, Calif., tracks inventory in local stores and helps consumers determine if products they are searching for are available nearby. The company covers about 52,000 stores around the U.S., and about 3 million locally-available products.
eBay

The acquisition would help eBay build its presence in localized markets, as Google ( GOOG) is looking to do through its rumored purchase of daily deals site Groupon. Milo would also connect eBay's traditional e-commerce business to brick-and-mortar shopping.

Milo investors include Keith Rabois, an early investor in YouTube and LinkedIn, Aaron Patzer, the founder of Mint which was acquired by Intuit ( INTU) earlier this year, Comscore founder Magid Abraham and prominent angel investor Ron Conway.

--Written by Olivia Oran in New York.

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