NED Goes Deep

In venture capital circles, this here is what you call a homerun, at least it will be if SmartBargains hits it goals and gets the future payment. From PEHub (stands for Private Equity Hub)

GSI Commerce Inc. (Nasdaq: GSIC) has agreed to acquire Retail Convergence Inc., a Boston-based operator of private sale site RueLaLa.com and discount e-commerce site SmartBargains.com. The deal is valued at up to $350 million, including a $180 million up-front payment (50% in cash), and an earn-out of up to $170 million. Retail Convergence had raised a $25 million Series A round in April 2008, from Breakaway Ventures, New England Development, Mugar Investments and General Catalyst Partners.

That's an extremely quick and generous return on investment, particularly in this market.