24 October 2012

Yelp Acquires Qype; Accelerates International Expansion

San Francisco – 24 October 2012 (PRNewswire) - Yelp Inc. today announced it has acquired Qype, Europe's largest local reviews site. Qype was acquired to accelerate Yelp's international expansion, bringing more than two million reviews and 15 million unique visitors per month across 13 countries. 

"I am excited to welcome Qype's employees and users to Yelp. We have built a solid foundation in Europe and this acquisition should significantly increase our international presence. With its strong local content in key markets like Germany and the United Kingdom, we believe that Qype will help Yelp become the de facto choice for local search in those markets," said Jeremy Stoppelman, Yelp co-founder and chief executive officer. "Qype's established European sales force will also bring more local business owners into the Yelp ecosystem, which in turn will bolster our mission to connect people with great local businesses all over the world." 

"We're excited to join forces with Yelp, the premier brand in local search," said Ian Brotherston, Qype's chief executive officer. "Like Yelp, Qype is committed to providing rich, authentic content within local search. This acquisition enables our users to contribute to a much bigger platform, delivering greater value to local businesses." 

Under the terms of the acquisition agreement, Yelp acquired all of Qype's shares, for approximately €18.6 million and 970,000 shares of Yelp's Class A common stock, for a total purchase price of approximately $50 million USD. Qype is headquartered in Germany, with operations also in the United Kingdom. 

Yelp Inc. (NYSE: YELP) connects people with great local businesses. Yelp was founded in San Francisco in July 2004. Since then, Yelp communities have taken root in major metros across the US, Canada, UK, Ireland, France, Germany ,Austria, The Netherlands, Spain, Italy, Switzerland, Belgium, Australia, Sweden, Denmark, Norway, Finland, Singapore and Poland. 

Source: Yelp Inc.