Mexico

News Byte

Spanish Private-Sales Site Privalia Expands to Germany Via Acquisition

Tricia Duryee in Commerce on March 7, 2011 at 3:46 pm PT

The online private-sales retailer Privalia, which operates in Spain, Italy, Brazil and Mexico, is buying Germany’s Dress for Less. Reuters said that according to its sources, Privalia paid between $210 million and $280 million. On Monday, Privalia raised roughly $123 million from private equity firms General Atlantic, Highland Capital Partners, Index Ventures and Insight Venture Partners to fund the transaction, which also included debt and shares. Together, Privalia is forecasting that they will achieve triple-digit revenue growth this year to around 400 million euros. In December, eBay purchased Germany-based brands4friends for $200 million.

News Byte

Illegal Immigration? There's an App for That.

Beth Callaghan in News on February 8, 2011 at 12:53 pm PT

When it comes to drawing fire for ironic takes on social issues, Groupon’s not the only game in town. In Smuggle Truck: Operation Immigration, an as-yet-unapproved iPhone app, the player wins by smuggling as many immigrants across the U.S.-Mexico border as possible, losing points, of course, for the babies (and other people) who fall off the truck. Owlchemy Labs states that it “maintained a meticulous eye to avoid depicting stereotypes,” but not everyone is amused.

News Byte

LivingSocial Acquires Stake in Europe's Let's Bonus

Tricia Duryee in Commerce on January 13, 2011 at 7:28 am PT

LivingSocial has acquired a majority stake in Let’s Bonus, which operates a daily deals site in Spain, Italy, Portugal, Argentina and Mexico. With the stake, LivingSocial now offers steep discounts via email for spas, restaurants and other services in more than 170 markets, serving 16 million subscribers in 10 countries, compared to its archrival, Groupon, which serves 50 million subscribers in 40 countries. LivingSocial did not disclose how much it paid or how big of a stake it purchased. The company recently raised more than $180 million in capital from Amazon and others.