AOL makes a hyperlocal play, acquires Going and Patch
AOL has announced that it has acquired hyperlocal news service Patch and social events site Going. Both acquisitions offer local news and events, with a strong emphasis on user generated content.
Of the two acquisitions, Going would seem the more natural fit. Established in 2006 with $5 million in funding from Highland Capital Partners
and General Catalyst Partners, Going is an Eventbrite of sorts specific to nightlife. Users or businesses publish their events to the site, and other users can comment, upload photos, or even arrange to meet people there.
Patch is the interesting acquisition in terms of the direction it might take AOL in. The site, founded in 2007 by a range of tech investors and ex-media people (including AOL chief Tim Armstrong), is a pure hyperlocal play offering news portals by suburb/ small city area. The company though is surprisingly top heavy in staff, at least relative to the traffic it is currently delivering, which is so small it barely registers on major stat sites. AOL would offer strong cross promotion opportunities that might help grow the site, but many have failed in this space before.
The price of the acquisitions was not disclosed.
Going
