ICG America, Inc. Enters Group-Buying Space with Acquisition of Localiter.com

AUSTIN, Texas--(BUSINESS WIRE)--ICG America, Inc., an ecommerce holding company with offices in Austin, TX and Stamford, CT, today announced that it has finalized the acquisition of Austin-based group buying site Localiter.com (http://www.localiter.com).

“And one of the things that I've learned is that it's going to take both significant capital and significant brainpower to compete in a very crowded marketplace. I'm convinced that ICG offers exactly that and I'm excited about what the future holds for Localiter.”

Founded in early 2010, Localiter has quickly attracted thousands of customers and hundreds of merchant partners to its daily-deal service. In doing so, it has garnered a reputation as the hip place on the Web for Austinites in-the-know to find the best bargains on everything the city has to offer.

As part of the acquisition, Localiter founder Kristina Garza will join the ICG team and continue to manage and grow the business. "In the last year I've learned so much about this space," said Garza. "And one of the things that I've learned is that it's going to take both significant capital and significant brainpower to compete in a very crowded marketplace. I'm convinced that ICG offers exactly that and I'm excited about what the future holds for Localiter."

"We've been monitoring the social shopping space for some time," said ICG America President, John Patterson. "And the dual opportunities of adding Localiter to our roster of web properties while adding Kristina to our team was really irresistible and a perfect match for us."

Following the acquisition, ICG plans a rapid expansion bringing Localiter to dozens of cities across the country in 2011.

About ICG America, Inc.

Founded in 2003, ICG America, Inc. is an ecommerce holding company with offices in Austin, TX and Stamford, CT. ICG provides a full spectrum of online marketing services for company-owned web properties including AmazingClubs.com, the world's largest provider of gift of the month clubs.