Local search site and advertising network Local.com is making its ways into the red hot daily deals space, announcing today that it has acquired group buying platform iTwango.
“We believe that the group-buying model is a powerful new development in local advertising that effectively closes the gap between online research and offline transactions, and therefore represents an important step in demonstrating to small businesses the immediacy and value of local online advertising,” said Heath Clarke, Local.com chairman and CEO.
Much like other group buying sites, iTwango allows advertisers to submit discounted offers to consumers who receive those geo-targeted offers daily via email. Group-buying is the purchasing of discounted or special offers from a business on the condition that a minimum number of buyers are found.
“We expect that iTwango will be an exciting new product for Local.com and our extensive network of regional media publishers, who have the feet-on-the-street sales forces to capitalize on this emerging local advertising segment. We will be investing into our group-buying technology platform and anticipate rolling out our first products towards the middle of 2011.”
According to the announcement, iTwango will undergo rebranding and is expected to be distributed widely across the flagship Local.com site and network of over 1,000 local and regional media sites, as well as over 100,000 hyperlocal sites under Local.com management. iTwango is also expected to be made available to Local.com’s regional media network on a private label basis.