eBay to Buy Local Shopping Site: Report
NEW YORK (
) --
eBay
(EBAY) - Get Report
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.
|
The acquisition would help eBay build its presence in localized markets, as
(GOOG) - Get Report
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
, Aaron Patzer, the founder of
Mint
which was acquired by
Intuit
(INTU) - Get Report
earlier this year,
Comscore
founder Magid Abraham and prominent angel investor Ron Conway.
--Written by Olivia Oran in New York.
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