Atrinsic, a digital advertising and marketing services company, has acquired Shopit.com, an e-commerce platform that enables buyers and sellers to complete transactions and tap into the audiences of social networking sites, such as Facebook and MySpace.
The company claimed that Shopit offers access to many consumer markets and earlier versions of this application have already been downloaded nearly 800,000 times.
With the forthcoming new release of the application, ShopIt will allow sellers to establish storefronts for online transactions by providing tools for storefront management, merchandising, payments and shipping, and tools that allow sellers to import existing listings from e-commerce sites such as eBay and Yahoo Stores, the company said.
The new application will also be accessible through mobile devices, enabling sellers to market their products to a broader audience.
Atrinsic said that ShopIt is latest property to join its media network, and is part of the company’s effort to develop media properties across its distribution platform. ShopIt falls in Atrinsic’s commerce and lifestyle product category.
Burton Katz, CEO of Atrinsic, said: “This acquisition fits perfectly with Atrinsic’s continuing transformation into a cross-platform digital content and marketing services network.
“Our ability to cost-effectively drive a larger audience conducting commerce within the ShopIt social media application, employ a toolbar product providing constant presence on the user’s desktop, and develop a ShopIt mobile application to be introduced during the second half of the year aims to catapult us into both the social and mobile commerce markets with blazing speed.”
