OZtion acquired for $2m by Jumbuck Entertainment

June 3, 2008

OZtionJumbuck Entertainment have acquired Aussie online auction house OZtion, for $1m in cash and $1m in shares (although the shares will be payable based on 2009-2010 performance).

OZtion founders Philip Druce and Kelvin Yip will take on management roles within Jumbuck for the next two years. Speaking of the deal OZtion MD, Druce said “Joining forces with Jumbuck will help us grow OZtion and continue to improve the range of services we offer buyers and sellers. Jumbuck is a strong, highly profitable company with reliable established products. This will give OZtion users further confidence in using our auction service.”

Jumbuck provides wireless community messaging and social networking services to wireless carriers, mobile users and on the Internet. They have offices in San Francisco, London, Cologne, Rio de Janeiro and Perth, with Headquarters based in Melbourne, Australia.

With the ACCC due to rule on eBay/PayPal later this month, the argument that there are no alternative marketplaces for buyers and sellers just got a little weaker, although only time will tell how much Jumbuck can grow OZtion.

Written by Chris Dawson · Filed Under News | Comments Off 

‘PayPal only’ sends Ozzie sellers to eBay competitor

April 25, 2008

OZtionOZtion, the second largest online auction site in Australia, has announced record growth in the two weeks since eBay Australia announced their new PayPal only payments policy.

OZtion’s listings have increased 22% to approximately 580,000 simultaneous listings. The site now has more than a quarter of a million members, with daily new registrations up 165% and new seller registrations up 300%.

Philip Druce, General Manager for OZtion commented “The fact that OZtion has seen significant growth across most metrics shows that Australians are looking for alternatives to eBay and will not be forced into only using PayPal. Our internal data shows that 79% of buyers prefer to pay by bank deposit.”

OZtion’s sellers must undergo an identity check process similar to that required to open a bank account. Druce comments: “Many online fraudulent activities are only possible because sites make it easy to create a fake identity. OZtion focuses on preventing fraud and has created a range of identity checks for both buyers and sellers, allowing Australians to shop online with confidence.”

OZtion was started in 2005 when Druce and co-founder Kelvin Yip to offer Australians an alternative auction site to eBay.

Written by Sue Bailey · Filed Under Featured, News | 13 Comments 



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