YP Corp., a provider of nationwide Internet Yellow Pages and related services with more than 16 million business listings, has acquired online classifieds site LiveDeal.com. LiveDeal will remain an independent entity and a wholly owned subsidiary of YP, and the two companies will leverage one another's content, sales teams and technology to strengthen their individual product offerings.
YP plans to use LiveDeal's technology platform to converge its four principal marketing channels - directories, mobile services, classifieds and advertising/distribution networks - into a "first-of-its-kind, hyper-local marketing solution for businesses and consumers."
LiveDeal founder and CEO Rajesh Navar was a member of the original engineering team at eBay where he led the search group. He will serve as president and chief architect of YP Corp. and will also join the YP board, effective immediately. Under the terms of the acquisition, LiveDeal shareholders received 15,968,514 shares of YP common stock.
http://www.livedeal.com
