The joint venture: Visitors to Internet site evenbetter will be redirected to DealTime sites.
Israeli company DealTime is acquiring German company evenbetter.com in a share swap deal. Evenbetter.com is leading online comparison-shopping service for books, music and movies
. Bertelsmann, parent company of evenbetter.com, will take a stake in DealTime's parent company, DealTime Ltd. and will also invest in DealTime's subsidiary, DealTime Europe, in return for a 49% stake of this entity. The total deal has an approximate value of US $100 million.
Under this new agreement, evenbetter users will be redirected to the corresponding DealTime sites, offering shoppers access to both DealTime's and evenbetter's combined categories. DealTime will also now offer its users evenbetter's downloadable browser companion, evenbetter Express.
``We are pleased to become part of the DealTime family, and look forward to integrating our categories, technologies and talent,'' said Elisabeth Schick, CEO of DealTime Europe. ``The combination of our European resources and DealTime's comprehensive coverage of more than 17 categories will naturally position us as the leading comparison-shopping service in Europe and the world.''
Several months ago, DealTime began the process to issue shares on Nasdaq, but has postponed the IPO in the meantime. During DealTime's last financing round, company value was set at $225 million, after money.
Published by Israel's Business Arena on May 21, 2000.