Gilt Groupe Will Acquire What's Left Of BuyWithMe

Jim Crowley BuyWithMeJim Crowley is founder and CEO of BuyWithMe

BuyWithMe has been shedding employees in preparation to be acquired, says BetaBeat’s Ben Popper.The buyer, he says, is Gilt Groupe.

Last week, Popper reported that the daily deals site cut more than half its staff.  Starting November 1, BuyWithMe will officially belong to Gilt Groupe. After that, Popper says the remaining BuyWithMe staff will be let go, leaving Gilt with just its technology and a few executives.

It’s not clear what will happen to BuyWithMe employee stock options.

We’ve reached out to Gilt for comment and will give an update when we hear back.

NOW WATCH: Tech Insider videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.

Tagged In

gilt groupe sai-us