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Ambistar Ventures Acquires WantandFound.com in Cash and Stock Transaction(May 20, 2011)
Austin, TX (PRWEB) May 20, 2011
Ambistar Ventures today announced the acquisition of WantandFound.com LLC, the Austin based social shopping and mobile advertising company. Under the terms of the transaction, WantandFound.com shareholders receive cash and maintain a minority equity stake in the newly funded company.
With the acquisition and fresh funding, WantandFound.com will be better positioned to roll out its enhanced local advertising platform across both web and mobile environments. Mobile Marketing represents a growing percentage of SMBs marketing budget said Timothy Ngo, founder of Ambistar Ventures. At the same time, the migration away from traditional advertising such as radio and newspaper continues to accelerate. This sets the stage for a low cost, high-impact local advertising solution like WantandFound.com to flourish.
Consumers all over the world are engaging with relevant local advertising in ways never before seen, said Sean Wade, co-founder of Ambistar Ventures. WantandFound.com and the WantandFound iPhone application will help us better meet the needs of shoppers who are looking for great deals and discounts while they are on the go.
The location-based advertising market is growing at a tremendous pace and the resulting benefits of scale along with the associated capital costs of an advertising platform make this a time of industry consolidation and convergence. The acquisition will create a more efficient company with synergies in four areas: scale economics driven by audience critical mass and increased value for advertisers; combined engineering talent to accelerate innovation; operational efficiencies through the elimination of redundant costs; and the ability to innovate in emerging user experiences such as augmented reality. Ngo believes these four areas will generate millions in annual synergy for the company.
Local shoppers want an easy way to find out what is on sale around them said Paul Janowitz, founder of WantandFound.com. We are pleased to join forces with Ambistar Ventures and look forward to becoming the single solution for customers who want to check-in, find, post and share local deals.
With this acquisition, WantandFound.com becomes part of Ambistars current portfolio of companies which include Globatext.com and startups Skoolon.com, Dealfanatic.com, Ninebuys.com, Hireserv.com, Socraze.com, Favut.com, Metvibe.com, IPtie.com and FLOpad.com. Janowitz will remain on the WantandFound.com board of directors and maintain an equity stake in the company. Wade will accept a seat on the Board and Ngo will become Executive Chairman.
About Ambistar Ventures
Ambistar Ventures is a technology incubator and product accelerator based in Austin, TX. Ambistar Ventures makes early stage investments in tech companies with mass market audiences. Ambistars investment priorities include web and mobile advertising, mobile computing, cloud computing, web analytics, social networks, e-learning, wireless experiences, and consumer shopping.
WantandFound.com is a web-based social shopping platform and iPhone application that allows shoppers to check-in, find, share and post local deals. WantandFounds platform integrates user generated content (UGC) and business generated content seamlessly to provide the next generation platform for location-based marketing.
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