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Two Local Web Startups Acquired By AOL

4:36 pm on Jun 12, 2009 (gmt 0)

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Two Local Web Startups Acquired By AOL [reuters.com]
AOL has struck deals to acquire two small start-up companies focused on local online media, Patch Media Corp and Going Inc, ahead of its separation from Time Warner Inc. [webmasterworld.com] AOL's new chief executive, Tim Armstrong, was an early investor in Patch Media, which was founded in 2007 and concentrates on news and information through a series of local community sites or "patches." In a memo to staff, Armstrong said he would forego any profit on his investment.

Going, founded in 2006, offers young adults information on events and happenings in 30 U.S. cities.

Armstrong said in a statement that he planned to make local search "a core area of focus and investment" for AOL, citing estimates that show local search growing far faster than overall search.