Usually you hear about U.S.-based companies buying up European companies, which makes Netcycler’s acquisition of Boston-based Swap.com that much more interesting. The actual acquisition was said to take place last April, but the news was broken this week when Netcycler alerted Swap.com users by email that there would exciting improvements in the Swap.com service. The details of the acquisition have not been announced.
Netcycler has not yet launched in the United States, but has managed to gather 130 000 users in Finland, Germany and the UK since launching in 2010. Swap.com launched as SwapTree back in 2004, and is reported to have more than half a million users.
Boston.com reports that Swap.com has run though $11 million trying to build the “ebay of the swap movement,” but somewhat failed after trying a $0.50 transaction cost, and a freemium model. Swap.com once employed 15 people, but it’s unclear how many employees are still based in the U.S.
Netcycler is a portfolio company of Cleantech Invest, a Vigo accelerator.
More information can be found at Boston.com.
