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Yelp rallies on SeatMe acquistion; OpenTable falls

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By
Benjamin Pimentel


SAN FRANCISCO (MarketWatch) – Shares of Yelp Inc.

/quotes/zigman/9021597/quotes/nls/yelp YELP
+5.99%


on Friday, a day after announcing that it has agreed to buy SeatMe Inc., whose app makes it easier for customers to make restaurant reservations. Yelp shares which were up more than 4% in afternoon trades, standing out on a day when the the tech sector is leading a broad market retreat. Yelp said Thursday it will acquire the San Francisco startup for $2.2 million cash and up to roughly 263,000 shares of its Class A common stock, for a total price of about $12.7 million. Needham analyst Kerry Rice called the acquisition a positive move as it underscores the way Yelp, an online business review site, can expand its platform. “It fits strategically with what they’re doing,” he told MarketWatch. On the other hand, shares of OpenTable Inc.

/quotes/zigman/113163/quotes/nls/open OPEN
-4.54%


, the online restaurant-reservation company, shed nearly 6% on the news. Kerry said the Yelp acquisition is being seen as “a competitive shot over OpenTable’s bow.”

/quotes/zigman/9021597/quotes/nls/yelp




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Mystic Maggie

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