DoneDeal joins forces with Daft in new venture
DoneDeal.ie has joined forces with Daft.ie and Adverts.ie in a new venture.
Last week Distilled Media Group which owns Daft.ie and Adverts.ie and Schibsted Media Group, owners of DoneDeal.ie, announced the establishment of a combined business, Digital Media Ventures Ltd., which will own the three highly successful online classified advertising sites DoneDeal.ie Daft.ie and Adverts.ie.
Under this new ownership structure, each of the three operations will continue to operate independently and will be run by existing management and staff.
DoneDeal.ie will continue to operate from its base in Wexford while Adverts.ie and Daft.ie will continue to be located in Dublin. Schibsted Media Group acquired DoneDeal.ie from Wexford based founders, Fred and Geraldine Karlsson.
Distilled Media and Schibsted will each own 50 per cent of the shareholding in Digital Media Ventures Ltd. The combined entity had revenues in the first six months of 2015 of €9.4 million. Private equity firm, Tiger Global's minority shareholding in Distilled Media has been bought out, as part of this transaction.
Eamonn Fallon will be the CEO of Digital Media Ventures Ltd. He said: 'Joining forces with Schibsted in this venture creates an online advertising business of scale in Ireland with the capability of competing head to head with the US internet majors.
'Our combined reach is currently over 650,000 people per day. We look forward to working together with Schibsted, benefiting from their exceptional international experience and insights, to develop and grow this business in Ireland.
'We are delighted to combine with Distilled Media and the Fallon brothers in Ireland', said Rolv Erik Ryssdal, CEO of Schibsted. 'Through this new set up we will expand our reach in this exciting market to real estate and we aim to further improve our position in the generalist and car markets.
'When the leading online classified sites in Ireland are joining forces, we believe we will be able to create even better services for buyers and sellers. We have several times experienced the significant value creation that can be made through in market consolidation.'