eBay is selling off one of its properties as the online retailer continues to focus on and build out its mobile commerce platform.
eBay originally purchsed Rent.com in 2005 after the site was founded in 2000.
Rent.com operates as you might expect based on the very simple name of the service. It's a pay-for-performance internet listing site that helps site visitors search rental properties online using its free search tool. Prospective renters can search the site’s property listings, which specify contact information, pricing, photos, floor plans, and virtual tours.
Primedia president and CEO Charles Stubbs, who will also take over as head of Rent.com when the deal is done, explained part of the motivation for the purchase in a statement:
The combination of our two companies will allow us to deliver a broader range of innovative products and services to our clients and more quickly expand our markets and market segments.
Primedia execs also touted an opportunity to advertising clients about a more comprehensive suite of products with cost-effective, high-quality leads and leases.
Acquired itself by affiliates of TPG Capital last July, Primedia facilitates consumer home search leads through its web sites and mobile applications, which already include ApartmentGuide.com, Rentals.com, RentalHouses.com and NewHomeGuide.com.
Financial terms of the agreement have not been disclosed, although it is expected to close during the second quarter of 2012.
- PayPal bringing new commerce platform into Home Depot
- Visa tackling mobile accounts in developing markets with Orange
- Isis beefs up digital wallet with new providers
- Nielsen: Amazon is most popular retail mobile website
- PayPal will be a force to be reckoned with in mobile payments