Buying.com Acquires ReferLocal Group Buying Technology
MAHWAH, N.J., Oct. 9, 2018 /PRNewswire-iReach/ -- Buying.com today announced the purchase of certain technology assets of the ReferLocal Group Buying platform. Founded in 2011 by serial entrepreneur Kris Jones, ReferLocal helped pioneer the "daily deal" space by combining offline reach through distribution partnerships with newspapers, radio, and TV stations with bleeding edge digital technology around group buying dynamics. The company has served over 200,000 customers generating $20 million in discounted goods and services.
Buying.com will use ReferLocal's proven technology as a basis to build the Buying.com Direct Product App (DPA). The Buying.com DPA will become the first-ever blockchain-based group buying platform designed to serve consumers, e-commerce stores, and retailers.
ReferLocal CEO Kris Jones said, "The Buying.com team has a proven track record of building exceptional e-commerce companies that not only delight customers, but also become market leaders. The time is now for blockchain technology to disrupt the e-commerce space and Buying.com will lead the way."
Jean Gabriel, Founder of Buying.com said, "The ReferLocal technology was a natural fit to the Buying.com mission of leveraging group buying dynamics and the blockchain to disrupt the multi-trillion-dollar e-commerce space. This acquisition sets the stage for a rapid release of our market disrupting DPA application."
As part of the transaction ReferLocal CEO Kris Jones has joined Buying.com as advisor.
About Buying.com:
Buying.com is the first e-commerce protocol that allows consumers to buy direct from manufacturers wholesalers and distributors. It's the next generation Decentralized E-Commerce Platform that harnesses the power of distributed ledger technology along with innovations in Bulk Pricing, Real-time Logistics, E-Commerce and Cryptocurrency. Learn more at http://www.buying.com
Media Contact: Jean Gabriel, Buying.com, (888) 214-9988, [email protected]
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SOURCE Buying.com
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