Former employee sues AussieCommerce for $5 million over sale

10:55AM | Monday, 13 October

A former employee of AussieCommerce has launched proceedings in the Supreme Court against the online retailer.   He has accused AussieCommerce founders, Adam Schwab and Jeremy Same, of misleading and deceptive conduct in a partial sale of the business last year.   The former national sales manager of AussieCommerce, Adam Glezer, filed proceedings on October 2, 2014 in the Supreme Court of Victoria. He claims he was misled as to the value of, which is owned by AussieCommerce.   Glezer agreed to sell his 19.8% stake in to Schwab and Same for $282,000 in April last year.   But Glezer now claims the true value of his stake was about $5 million and is seeking this or the return of his shares in the company.   Glezer’s claim is based on emails exchanged between AussieCommerce’s directors after Glezer sold his stake.   These emails were provided to Glezer by AussieCommerce as part of the court’s discovery process.   The first set of emails, which were sent two days after Glezer sold his stake, discuss potential valuations of the business at $10 million plus and subsequent emails sent in June suggest valuations of $25 million.   AussieCommerce was a finalist in SmartCompany’s Smart50 this year recording annual turnover of  $138 million.   The online business is looking to list and last week it appointed Macquarie Capital to help it prepare for an initial public offering with a proposed valuation of $200 million.   Schwab, Same and Glezer all declined to comment as the matter is before the courts.   This story originally appeared on SmartCompany.

Group buying industry amends code to crack down on compliance and complaints

3:41AM | Friday, 15 March

An industry code developed to regulate the group buying sector has been tightened, with additions including more clearly defined refund conditions and specifications over how many vouchers are sold in an individual deal.

Daily deals site RedLipDeals launches, targets adult market niche

9:57AM | Monday, 17 September

A new daily deals site focused solely on adult services has launched in Sydney, suggesting there are still untapped niches within the sector, particularly those targeting a more selective market.

Group buying consolidation gathers pace as and Ouffer merge

6:08AM | Monday, 18 June

Australia’s group buying market is in the midst of a consolidation period, according to analysts, after Melbourne-based site announced it will merge with Sydney-based site Ouffer.

Group buying body releases global code of conduct

6:10AM | Friday, 15 June

Group buying sites can now choose to be held accountable on a global scale, with the release of the first global code of conduct, seven months after the release of an Australian code of conduct.

Yahoo!7 to stop Spreets performance payments as group buying market dries up

4:00AM | Monday, 16 April

Yahoo!7 may be starting to encounter the downside of the group buying industry as a new report indicates the media giant is no longer expected to make any more performance-related payments to its subsidiary Spreets.