QVC buys an online classified marketplace
December 5, 2012 03:57 PM
TV and web retailer QVC Inc. said today it has bought Oodle Inc., which operates the Oodle Marketplace application on Facebook, an online classifieds service where consumers can list and browse a variety of items that include vehicles, pets, sports tickets and musical instruments. Shoppers then contact the sellers to arrange purchases.
QVC says it made the deal through its California Voices LLC subsidiary and expects to close on the purchase by Dec. 31. OVC, part of Liberty Interactive Corp., No. 7 in the Internet Retailer Top 500 Guide, did not say how much it paid for Oodle.
Nor did QVC detail what it intends to do with Oodle. "The QVC shopping experience is fundamentally social in nature," says Claire Watts, QVC U.S. CEO. "With this acquisition, we can fuel our evolving social commerce experience. Oodle brings a great team that shares our values and passion for creating a rich customer experience."
Oodle launched in 2005. “Last year, we had the good fortune to become profitable and cash flow positive,” writes CEO and founder Craig Donato in a blog post today. “But we also recognized that we needed to increase our growth rate. And to do that, we needed to expand our focus and capitalize on everything we’ve learned and built around social commerce. Today, we take a huge step in that direction.”