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Look for an acquisition in Seattle's Internet industry in the next few days. Actually, make that Vashon Island's bustling Internet community.
Recipezaar, an online recipe site started in 1999 under the name Cookpoint.com, is in talks to be acquired for more than $25 million by a large publishing company, according to a source familiar with the deal.
A payout of $25 million or more will be a huge win for the startup, which has just a handful of employees and limited advertising revenue, according to the source.
An acquisition of Recipezaar also would be interesting because it would mark the second time that a Seattle-area online recipe service has been gobbled up in the past 16 months. Last year, AllRecipes.com agreed to be sold for $66 million -- or 11 times its 6 million monthly visitor count -- to Reader's Digest Association Inc.
Receipzaar, which takes its name from the words "recipe" and "bazaar," currently boasts 2.5 million unique visitors. So from that standpoint, if the deal ends up at $25 million, the company will be valued on about the same level as AllRecipes.com.
Recipezaar also has 230,000 free recipes, which allows users to search for items like lasagna (1,134 recipes), chili (2,816 recipes) and peanut butter cookies (404 recipes).
The company, which also has created food forums and other online community features, was started by Troy Hakala and Gay Gilmore. Executives could not be reached for comment.
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Posted by unregistered user at 7/17/07 6:22 p.m.
John check out: http://www.time.com/time/specials/2007/article/0,28804,1633488_1639316,00.html
2 seattle sites in the top 15!