British based website builder Moonfruit have been acquired by directories giant Yell in an £18m cash deal that rewards the hard work of Moonfruit's founders Wendy Tan-White and husband Joe.
Key executive management from the shop building and web-hosting site that is integrated with Smarta Business Builder will receive a golden pat on the back in the form of £5.2m in retention bonuses after two years if they remain exclusively employed by Yell.
Yell is most commonly known as the yellow pages directory with 1.3m small business customers. Its purchase of Moonfruit is a step towards achieving its goal of becoming an online marketplace providing business tools as well as listings.
Currently, Moonfruit is the number one website builder in the UK with over five million sites and 230,000 shops built using it's services. It's managed to forge a following in the US with 1.5m sites built using its services there.
CEO of Yell, Mike Pocock believes the acquisition will be a great advantage to his company. "The addition of Moonfruit's services and team helps us provide competitive advantage to our global small business customers in connecting with consumers through digital, mobile and social," he says.
Wendy Tan-White co-founded Moonfruit with Joe in 2000 and they've been gradually growing the company since then. They raised £1.57m in funding in 2010. The deal is great news for the pair. "We built Moonfruit to make it easy to publish and sell on the internet, and provide stylish web, blog and shop designs as well as easy-to-use web tools for small businesses," says Tan-White. "Joining Yell and integrating with its local eMarketplace provides access to larger audiences and additional resource to accelerate what is a common vision for the future."
Here's hoping the acquisition helps Moonfruit to continue to innovate and put British start-ups on the map.
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