Funding will be used to improve the technology behind the product and hire additional employeesRead more...
No word yet on why exactly, but Google won't be adding this up to one of its many 2009 acquisitions
Yelp has declined Google's offer of $550 million for the popular user-generated business directory site, according to the latest reports (via TechCrunch). CEO of Yelp Jeremy Stoppleman needed only to sign off on the deal and the acquisition would have been done, but apparently he no longer found the deal appealing.
Because there are no other potential buyers currently in talks with Yelp, Stoppleman's decision to stop the take-over appears all the more curious. (Microsoft would be the most obvious contender, since Yelp could make its Bing even more content-rich, and therefore a more powerful search engine.)
For analysis, see Matt Bowman's Why Yelp should push for more than $500 million
Even though this deal is done (for now), Google is still in talks with a myriad of companies concerning possible acquisitions. Google could be spending $25 million on the talent behind DocVerse, a company behind the plugin that allows for real-time collaboration in Microsoft Office products. Trulia, a real estate search engine valued possibly up to $200 million, might also be acquired by Google to enhance its own Google Maps-integrated real estate search system.
Compared to deals these companies might see, however, Google's offer of $550 million for Yelp appears incredibly attractive, if nothing else, which leads many to believe a better deal must have drawn Stoppleman away.
Google has already been acquiring quite a few companies over the past few months: Teracent, adMob, and reCAPTCHA, just to name a few. Yelp, though, would have been the biggest purchase yet.
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Yelp is the fun and easy way to find, review and talk about what's great (and not so great) in your world. You already know that asking friends is the best way to find restaurants, dentists, hairstylists, and anything local. Yelp makes it fast and easy by collecting and organizing your friends' recommendations in one convenient place.
...the ultimate city guide that taps into the community's voice and reveals honest and current insights on local businesses and services on everything from martinis to mechanics.
...just real people, writing real reviews, and that's the real deal.
...a fun and engaging place for passionate and opinionated influencers to share the experiences they've had with local businesses and services.
...the definitive local guide in the San Francisco Bay Area and a force to be reckoned with in Chicago, New York, Boston, Los Angeles and Seattle. But really, we're everywhere. From Austin to Madison and everywhere in between, reviews are coming in from all over the country!
...word of mouth marketing - amplified. Savvy local marketers now have a great channel to effectively target local consumers.
Since July 2004, co-founders Jeremy Stoppelman (CEO) and Russel Simmons (CTO) and their Yelp crew have been striving to make life better for people who love to patronize great local businesses. Discovering accurate information on local establishments has never been this entertaining. Writing reviews has never been this fun, easy and addictive!