Local.com Corp., an Irvine online local search network, has bought iTwango LLC, an early-stage company developing a platform for advertisers to submit discouted daily deals to consumers based on location targeting.

Financial terms were not disclosed.

ITwango enables group buying, which is the purchase of special offers from a business promising a minimum number of buyers.

“We believe that the group-buying model is a powerful new development in local advertising that effectively closes the gap between online research and offline transactions, and therefore represents an important step in demonstrating to small businesses the immediacy and value of local online advertising,” said Heath Clarke, Local.com chairman and CEO.

Clark said the first products based on iTwango technology will be available by summer for regional media publishers that have their own sales teams that sell to local advertisers.

More Info: http://jan.ocregister.com/2011/01/14/o-c-search-site-buys-group-buying-technology/52782/