A couple of days late on this, but important enough to mention: Jason Rapp, the former SVP of M&A at IAC (NSDQ: IACI) and the CEO of Gifts.com for the last nine months, has left the company. No word on where he is going, or if he is moving from Los Angeles.
This follows the combination of Gifts.com and Pronto.com, and moving the unit under John Foley, according to the WSJ. The two sites form part of IAC’s emerging business units, and Barry Diller has hinted at selling, hiving off or closing most of the companies in the smallest unit among IAC’s divisions.The division also includes Shoebuy, InstantAction.com, Connected Ventures (its CollegeHumor and Vimeo division), RushmoreDrive.com, and the high-profile TheDailyBeast.
Pronto has been a star among most of the emerging businesses, and has been profitable, the company said. Gifts.com was a much smaller business, and the integration makes sense as IAC continues to rationalize its portfolio. In December, IAC decided to dissolve its programming group as part of its post-spin reorg. In January, IAC sold off its stake in 23/6, a comedy-news site it had co-owned with the Huffington Post, back to HuffPo; also in January, it sold campground-reservations site ReserveAmerica to community sports site operator The Active Network; and just last week IAC sold its dating site Match.com