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Google No Local Yokel (But It's Getting There)

Putting the kibosh on any remnant possibility of a Google tie-up, Yelp is reportedly close to closing a fifth round of financing in the neigborhood of $50 million. Led by Elevation Partners, the round would include both a primary investment component, along with a secondary offering for long time employees, according to TechCrunch.

"These deals are now being referred to as 'DST deals,' since DST first invested in Facebook in May 2009 at a $10 billion valuation and later funded employee buyouts at a $6.5 billion valuation," TechCrunch explains.

The valuation is also reportedly lower than the $550+ million that Yelp turned down from Google.

Upon news of the failed acquisition in late December, TechCrunch speculated that some powerful force -- "Apple, Microsoft, etc. -- came to Yelp with an offer for a strategic deal [sic] gave (Yelp CEO Jeremy) Stoppleman the confidence to say no to Google."

Citing a source briefed on the negotiations, The Times' Bits blog later challenged the notion that it was Stoppleman who called off the deal at the eleventh hour. Rather, Google reportedly balked at Yelp's counter-offer, which included mention of a higher offer from another party in the vicinity of $750 million.

Google, meanwhile, appears to be moving full speed ahead with its grand designs for time-sensitive, location-based consumer guides. Earlier this month, it made its related "Near Me Now" service live on iPhones and Android smartphones, which helps users retrieve timely information on nearby services and establishments.

Itself continuing to up the anti, Yelp just last week added the ability for users to check in to venues they visit -- pitting it directly against popular location-based community site likes Foursquare and Gowalla.

While failing to factor Google into the equation, Mashable nonetheless declares the whole location-based community space to be "so on."

Read the whole story at TechCrunch et al. »

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