DealTime to Acquire Epinions

Posted on March 21, 2003

DealTime Ltd., an online shopping search engine, announced that it has signed a definitive agreement to acquire Epinions, an online consumer reviews and ratings platform. The deal, which is subject to regulatory and shareholder approvals, is expected to close in approximately six weeks.

In the months following completion of the deal, DealTime will integrate Epinions' consumer reviews and ratings across its network. Shoppers will also be able to access DealTime's merchant partners on Epinions.com. DealTime will continue to operate both the DealTime.com and Epinions.com websites, as well as its co-branded sites.

"This acquisition will unite a uniquely valuable content platform with proven shopping search tools and technologies," said Dan Ciporin, Chairman and CEO of DealTime. "Epinions' robust database of consumer reviews and ratings helps millions of shoppers make smarter buying decisions, resulting in the highest quality referrals for merchants."

Upon completion of the acquisition, DealTime expects to fully integrate the Epinions employee team into DealTime's operations, including Nirav Tolia -- co-founder and CEO of Epinions -- who would become Chief Operating Officer of DealTime. Epinions charter investors and board members, Bill Gurley of Benchmark Capital and John Johnston of August Capital, would join the board of the newly merged company. DealTime would continue to operate Epinions' office in California while maintaining its current offices in New York and the United Kingdom as well as its research and development facility in Israel.

"We are looking forward to working with the DealTime team to spearhead innovation in the shopping search category," said Nirav Tolia, Epinions co-founder and CEO. "As one company, our mission will be to create the absolute best online shopping experience for our users and merchants."