Jumbuck Entertainment have acquired Aussie online auction house OZtion, for $1m in cash and $1m in shares (although the shares will be payable based on 2009-2010 performance).
OZtion founders Philip Druce and Kelvin Yip will take on management roles within Jumbuck for the next two years. Speaking of the deal OZtion MD, Druce said “Joining forces with Jumbuck will help us grow OZtion and continue to improve the range of services we offer buyers and sellers. Jumbuck is a strong, highly profitable company with reliable established products. This will give OZtion users further confidence in using our auction service.”
Jumbuck provides wireless community messaging and social networking services to wireless carriers, mobile users and on the Internet. They have offices in San Francisco, London, Cologne, Rio de Janeiro and Perth, with Headquarters based in Melbourne, Australia.
With the ACCC due to rule on eBay/PayPal later this month, the argument that there are no alternative marketplaces for buyers and sellers just got a little weaker, although only time will tell how much Jumbuck can grow OZtion.
