Management buyout of Getprice as the online shopping comparison site exits News Limited
Wednesday, October 10, 2012/
The Getprice management team has acquired the online shopping comparison site from News Limited.
Getprice currently lists more than 2.5 million products from over 1,300 retailers including Apple, Rebel Sport and Dan Murphy’s.
Chief executive Chris Hitchen and his senior management team, including chief operating officer and company co-founder Jared Oken, will continue to lead the business as an independent operation.
The financial details of the acquisition are not being disclosed.
Hitchen said he was delighted News Limited had accepted management’s offer.
“Being independent and having control of our own destiny is an exciting prospect – we have big plans for the next chapters of Getprice’s history.
“We will always be extremely grateful to News for its investment, support and guidance over the years. It’s been a lot of fun, but it’s time for us to spread our wings as an independent business again.”
News Limited acquired Getprice in a series of transactions between 2007 and 2010 and News Limited’s chief financial officer Stephen Rue said he wished Getprice the best.
“Chris, Jared and the team have done a terrific job building Getprice and, while we will be sorry to see them go, we recognise this is the best next step for them in the growth of their business.”