Canada's leading e-commerce companies,TeamBuy.ca and Dealfind.com announced their merger to form one of the country's largest online deal destinations.
The move is the largest "daily deal" merger in North American history. The merger now features over 3.5 million members combined including from U.S.
"From a consolidation perspective, this merger gives us a rock solid foundation where one in every 10 Canadians is signed up to our service," Ghassan Halazon, CEO of TeamBuy said in a press statement. "Over the past few years, both TeamBuy and Dealfind have chosen to re-imagine the original daily deal model in very similar ways. This makes the merger a perfect fit from an operational standpoint."
However, the two companies will continue to operate separately in the early months of 2013. Plus, the top management will still hold on to their respective posts.
Later, the sites will dissolve to form a new online portal.
MenuPalace.com, a popular restaurant and hospitality guide, which operated alongside Dealfind.com is also included in the merger.
The new portal, which will be unveiled later on, is expected to feature new verticals and an increase in the number of deals to become the number one website for all shopping categories. Any financial hiccups did not spur the merger. Both the companies experienced over $7 million in gross sales together, last month.
Investors such as Insight Venture Partners, ru-Net, Georgian Partners and Ontario Venture Capital Fund, back the transaction.
"Our long-term focus is locked onto re-defining the Canadian e-commerce landscape at-large, connecting millions of members and thousands of merchants in new and exciting ways," Halazon said. "This is a match I believe the industry has been waiting on for some time and we couldn't be more pleased."
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