Yelp to acquire reservation service SeatMe
Yelp buying reservation service company SeatMe for about $12.7 million in cash and stock
SAN FRANCISCO (AP) -- Business review site Yelp Inc. said Thursday it agreed to acquire SeatMe Inc., a web and iPad-app based reservation company, for a mix of cash and stock worth about $12.7 million.
SeatMe lets users make reservations at restaurants and clubs. The deal will give the 1 million U.S. businesses listed on Yelp access to SeatMe's technology.
Yelp will buy SeatMe for $2.2 million in cash and up to about 263,000 shares.
The deal is expected to close on July 24. SeatMe's 15 staffers are expected to join Yelp's San Francisco headquarters in the fourth quarter.
Yelp said it will update its third-quarter and full year 2013 financial outlook when it reports second-quarter results on July 31.
Yelp shares were unchanged in aftermarket trading after the deal was announced. They closed the regular trading session down 22 cents at $39.75. The stock has traded between $16.32 and $41.09 over the past 52 weeks.
