NEW YORK (

TheStreet

) --

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

Google

(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

LinkedIn

, 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.

>To follow the writer on Twitter, go to

http://twitter.com/Ozoran

.

>To submit a news tip, send an email to:

tips@thestreet.com

.