Spreets founders to exit as boss acknowledges ‘challenging’ group buying market

hammer mcevoy

Hammer, left, and McEvoy

The founders of group buying site Spreets are to leave 18 months after selling it, owner Yahoo!7 has announced.

Dean McEvoy and Justus Hammer will both leave next month.

They sold Spreets to Yahoo!7 for $40m in January 2011.

According to Yahoo!7, the exits are part of “a planned management transition”. Yahoo!7 chief operating officer Stuart Sayers will now run Spreets too.

Sayers signalled that growing competition in the group buying market is making growth much tougher. He said: “While the current market for group buying has been challenging, the Yahoo!7 management team remains committed to the success of the Spreets business and to building a strong and sustainable Group Buying business.”

He added: “We thank Dean and Justus for their work in helping to integrate Spreets into the Yahoo!7 business and for their efforts in starting and growing Australia’s first group buying website.”

Last year’s Mumbrella360 session featuring McEvoy:


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