Jumbuck to buy OZtion

Melbourne based Jumbuck Entertainment the world's largest provider of messaging services is acquiring OZtion (that's Australian for Auction) Jumbuck develops and commercializes wireless entertainment and communication applications for mobile phone users worldwide.

Philip Druce, OZtion co-founder and General Manager said in April “The fact that OZtion has seen significant growth across most metrics shows that Australians are looking for alternatives to eBay and will not be forced into only using PayPal. Our internal data shows that 79% of buyers prefer to pay by bank deposit.”

OZtion has in fact benefited greatly from eBay's attempt to force PayPal as the sole payment processor on eBay Australia. Online auction listings have grown by 22% in the last few weeks to approximately 580,000 simultaneous listings. In the same period, daily new member registrations have increased by 165% and daily new sellers registrations by 300%. Oztion has moved up in the Alexa Rankings too, with approximately 2 million visitors per month.

The company has grown rapidly by offering Australians a safe Australian owned trading environment, a simple to use site and beneficial cost savings due to its fee structure and localised sellers. Projected revenue for the 2008-09 financial year is double the previous year at $1.2 million.

In a statement Jumbuck CEO & founder Adrian Risch said

"With eBay's recent restrictive changes, many buyers and sellers have been switching to Oztion, Jumbuck has a giant community of users and we can help bring the service to many new buyers and sellers."

Exciting times in Australia!

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