IAC to Acquire Shoebuy.com-
IAC/InterActiveCorp (NASDAQ: IACI) announced today it has reached an agreement to acquire Shoebuy.com, Inc., a leading internet retailer of footwear and related apparel.
Shoebuy, founded in 1999 and headquartered in Boston, carries more than 400,000 products from more than 250 leading brands. With its innovative virtual inventory model whereby huge product assortments can be showcased on behalf of vendor partners, Shoebuy has also recently launched Bagsbuy.com and plans to extend into additional product categories. Shoebuy's Founder and CEO Scott Savitz will continue to oversee the company's operations.
Terms of the cash transaction were not disclosed. Shoebuy will join IAC's Retailing sector.
IAC operates leading and diversified businesses in sectors being transformed by the internet, online and offline ... our mission is to harness the power of interactivity to make daily life easier and more productive for people all over the world. To view a full list of the companies of IAC please visit our website at http://iac.com/.
Contacts IAC Investor Relations: Roger Clark / Eoin Ryan (212) 314-7400 IAC Corporate Communications: Andrea Riggs / Martha Negin (212) 314-7280 / 7253
CONTACT: IAC Investor Relations: Roger Clark / Eoin Ryan,
+1-212-314-7400; IAC Corporate Communications: Andrea Riggs, +1-212-314-7280,
Martha Negin, +1-212-314-7253
Web site: http://www.iac.com/