'Not so magic' beenz bought for millions

NEWS The 'white knight' deal between US marketing giant Carlson and beenz.com will spell the end for the web currency which attracted over five million users worldwide. No exact figures have been released, but the "multi-million" dollar buy out has saved the web firm from almost certain bankruptcy. beenz has been forced to lay off 97 per cent of its staff during the last 12 months and close offices across Europe. Carlson is buying the hardware, software, intellectual property and brand assets of the dot-com firm. The beenz flagship loyalty programme will be merged into Carlson's existing Gold Points Rewards scheme. Stephen Limpe, president and CEO of beenz.com, said the deal is "tremendously good news" for shareholders. "Carlson will integrate all technology, all platforms, everything," he told silicon.com. The breakup and integration of beenz.com will take several months. The two companies have not yet decided on the future of beenz.com's remaining nine employees based in New York and London. Carlson will also have to decide whether to promote any future products with the beenz.com name, or leave it to rest in the dot-com graveyard. The web firm suspended use of its beenz loyalty points earlier this year, the hope now is that existing users will be tempted into using Carlson's Gold Points Rewards scheme instead. "This was a way for Carlson to enhance and round out their picture," said Limpe. All proceeds from the sale will go back to beenz.com's shareholders.