Yelp has acquired European local reviews site Qype. Qype is headquartered in Germany, with operations also in the United Kingdom.
Jeremy Stoppelman (Co-founder and CEO, Yelp): 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. Qype’s established European sales force will also bring more local business owners into the Yelp ecosystem.
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.