Milo hurt Local Corp's patent "System for Providing Localized Shopping Information"
Who is Milo and why did eBay Acquire them for 75 Million Dollars?
The local shopping startup Milo has recently been acquired by eBay – for 75 million dollars. Milo connects the worlds of online and offline stores by searching local store shelves in real-time to find the best prices and availability. The business concept of Milo is to show you what’s in-stock where, and tell you how much it costs at that very moment. Milo also allows insight into detailed product information and user reviews. In short, Milo makes it easy to access both online and offline shopping in one place.
For eBay, Milo represents just another way to get into the $917 billion market of online research to offline buying. And Forrester estimates that this will eventually reach $1.3 trillion and account for nearly 50% of total retail sales by 2013.
eBay plans to bring the inventories of its sellers to Milo. The company will also integrate Milo’s local product feeds into both its online marketplace and mobile applications. eBay’s barcode-scanning iPhone application RedLaser will also feature Milo local results.