NEW YORK (
is close to purchasing shopping site
for $75 million, according to a report from
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
is looking to do through its rumored purchase of daily deals site
. Milo would also connect eBay's traditional e-commerce business to brick-and-mortar shopping.
Milo investors include Keith Rabois, an early investor in
, Aaron Patzer, the founder of
which was acquired by
earlier this year,
founder Magid Abraham and prominent angel investor Ron Conway.
--Written by Olivia Oran in New York.
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