News Digital Media acquires price comparison site Getprice in Australia

Getprice enables consumers to research products and compare offers from hundreds of retailers nationwide.

The site was ranked number one (January to June 2010) based on market share of visits among all Australian websites in the Hitwise shopping and classifieds report.

It currently lists more than two million products from around 1,000 retailers including Apple, Dell, Dick Smith Electronics, Bing Lee, Clive Peeters, Ted's Cameras, ABC Store, Big W, Rebel Sport, Officeworks, Surf Dive 'n Ski, Supercheap Auto and Flight Centre.

The chief executive officer of Getprice, Chris Hitchen, and his senior management team, including chief operating officer and company co-founder Jared Oken, will remain with the business. Hitchen will report to News Digital Media’s executive director of emerging business, Michael Solomon.

The financial details of the acquisition are not being disclosed.

Freudenstein said that the acquisition was part of News Digital Media’s strategy to build a portfolio of businesses with diverse revenue streams and had been timed to coincide with the explosion in online retailing.

“Over the next four years, the Australian online retailing market is predicted to grow by 50 per cent to $18 billion. With 57 per cent of online shoppers now visiting a comparison website before making a purchase decision, we see a very successful and highly profitable future for Getprice.”

“Over the coming months we will be making significant changes to the Getprice website, evolving our mobile shopping proposition, launching a consumer marketing campaign and integrating with other News assets, both digital and print," added Hitchen.

News Digital Media initially acquired a significant minority share in the company in October 2007 before increasing its investment to 52.5 per cent in July 2009.