Digital Publisher Purch Buys Mobile Shopping App ShopSavvy
Digital publisher Purch has made good on its promise to make acquisitions, announcing today that it bought mobile shopping app ShopSavvy for an undisclosed price.
That’s the fourth acquisition the company has made in the last 12 months, putting to work a $135 million Series C funding it received in June led by Canso Investment Counsel. Purch, which has co-headquarters in New York and Ogden, UT, has been buying companies to improve its mobile operations, add to its various digital marketing publications, and increase revenues. The company’s revenues increased to $100 million from $25 million in the last two years, according to a spokesman.
With ShopSavvy, Purch is gaining an app that it says has one million active monthly users and 30 million downloads to date. It raised about $7 million in Series A funding in 2011 from well-known investors, including Facebook co-founder Eduardo Saverin and a former CEO of Saks, Brad Martin, says Purch, which was previously known as TechMediaNetwork.
Purch owns a variety of websites and digital publications—including Tom’s Guide, Laptop, Space.com, and LiveScience—meant to provide consumers and businesses information that help them make purchasing decisions, as Xconomy reported earlier this year.
ShopSavvy, which has headquarters in Dallas and San Francisco, was founded in 2008 and will remain a standalone product. However, Purch plans integrate the app’s back-end mobile product search and machine-learning technology throughout the company’s other websites.