Yelp may be a juggernaut in the US online recommendations and listings space, but it still has a relatively small presence in the global arena, which is crowded with local competitors. It has been trying to expand internationally in the last couple of years, and recently raised a lot of money through the IPO route to fund its international expansion.
Today, it acquired Qype, its biggest competitor in Europe, for around $50 million in a cash and stock deal.
Yelp is present in 19 countries so far, and acquiring Qype makes it the number one player in Europe.
Yelp has more than 78 million unique monthly visitors, while Qype has around 15 million.
Yelp will start working on integrating their products, starting with mobile first.
Check out Yelp’s official announcement:
Welcoming Qype to the Team
I am excited to share that Europe’s largest local reviews site, Qype, has agreed to be acquired by Yelp and become part of our fast growing company. Welcome!
Our mission is to become the defacto choice for local search globally, connecting people with great local businesses all over the world. We’ve built a great foundation, launching Yelp communities in 19 countries so far. Bringing Qype into the fold will enable us to accelerate our international growth and increase our benefit to consumers and businesses.
Qype’s contributors have written more than two million reviews of local businesses, resulting in more than 15 million monthly unique visitors to the service.
Combine that with more than 30 million Yelp reviews and 78 million unique monthly visitors, and you can see why teaming up will make us even better at helping you find that perfect restaurant/museum/dentist/hair salon/shoe store in Los Angeles/Memphis/London/Hamburg/Singapore. It’s a beautiful thing, really.
So, what’s next? As always, we don’t want to disrupt the consumer experience, so we are going to take a deliberate approach to integrating our products, starting with mobile. For today, we simply want to take a moment to celebrate this new union and welcome all the new members of our family.