BuyWithMe Said to Have Found a Buyer


BuyWithMe is being sold to Gilt Groupe, according to a report from Beta Beat.

Financial terms weren’t disclosed. The daily deals site will officially become part of Gilt, an online seller of designer fashion, on Nov. 1, the story says.

The sale comes after BuyWithMe reportedly laid off half of its staff earlier this month. BuyWithMe has secured about $30 million in funding, Beta Beat says. This includes $5.5 million in funding from Matrix Partners in January 2010. BuyWithMe, the following July, scored another $16 million in a round led by Bain Capital Ventures.

Matrix is also an investor of Gilt Groupe.

BuyWithMe competes against Groupon, the Big Kahuna of daily deals. Groupon is expected to go public next week, with an offering that could raise as much as $540 million.  Living Social, the No. 2 daily deals site, is also expected to file.

Boston-based BuyWithMe has been very acquisitive. In September, the company bought TownHog.com, a San Francisco daily deals site and then scooped up ScoopSt, a New York daily deals company, in August. Other buys include Groop Swoop, DealADayOnline and LocalTwist.

Officials for BuyWithMe, Bain, Gilt and Matrix couldn’t be reached for comment.

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