Care.com Inc. (NYSE:CRCM), an online marketplace for finding services to meet family needs, has bought e-commerce startup Citrus Lane.
The Mountain View, Calif-based target sold for $48.6 million total, including $22.9 million is in cash, $8.1 million is in equity, and $17.6 million in earn out payments of cash and equity over the next two years.
Citrus Lane, an online service, sells care packages to families with babies and kids. Among the company's products are baby toys, puzzles and stuffed animals, as well as books, clothes and various accessories. Over the past three years, Citrus Lane has amassed more than 45,000 paying subscribers and raised $6.6 million in venture capital from investors including GGV Capital and Greylock Capital.
Care.com helps users find babysitters, aides for the elderly, tutors for children and housekeepers for busy parents. The Waltham, Massachusetts company will run Citrus Lane as a subsidiary.
The combination is expected to grow Care.com's offerings in what is considered to be an increasingly competitive e-commerce market. For more, see "Pent-Up Demand for E-Commerce Technology Drives M&A."