"Acquisition of LEADING LOCATION MEDIA COMPANY, WHRE, by our Organization"
PayPal, the leading online payments company, has announced a definitive agreement to acquire WHERE, a Boston-based leading location media company and local discovery mobile application. The acquisition, expected to close in the second quarter of 2011, is set to enhance PayPal's position in local and mobile commerce.
WHERE, founded in 2004, operates a leading local mobile discovery application and a leading location-based advertising network. Through its services, the company provides personalized, hyper-local advertising, offers, and deals to millions of mobile consumers across North America.
The integration of PayPal's online payments technology into the WHERE mobile application is anticipated, making it possible for consumers to find, shop, and pay for local deals anytime, anywhere. This move is expected to benefit over 120,000 retailers, brands, and small merchants who use WHERE daily.
Retailers are expected to reach local buyers in real-time through the WHERE mobile application, blurring the lines between offline and online commerce. Local and mobile commerce companies like WHERE are becoming increasingly significant in today's digital age.
Mok Oh, Chief Innovation Officer at WHERE, and Jack Abraham, founder and former CEO of Milo.com, will be speaking at the O'Reilly Where 2.0 conference in Santa Clara. Abraham will discuss the future of shopping, while Oh will share insights about the acquisition.
It's important to note that forward-looking statements in this announcement involve risks and uncertainties, and actual results could differ materially. Factors that could cause differences include, but are not limited to, the possibility that the transaction may not close, the reaction of WHERE's users, the future growth of WHERE's business, competition, and integration difficulties.
More information about potential factors affecting the business is included in the organization's annual report and other periodic filings. The acquisition is not expected to have a material impact on the organization's financial guidance.
Additional links to related articles are available on PayPal Blog, TechCrunch, and Bloomberg. More details about the acquisition and its implications for both companies will likely unfold in the coming months. Stay tuned for updates.
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