In a note to Woot employees, founder Matt Rutledge said, "We plan to continue to run Woot the way we have always run Woot--with a wall of ideas and a dartboard. From a practical point of view, it will be as if we are simply adding one person to the organizational hierarchy, except that one person will just happen to be a billion-dollar company that could buy and sell each and every one of you like you were office furniture."
The Texas-based Woot.com was launched in 2004 by Rutledge, and started out by selling just one item per day, beginning at midnight Central Time until it sold out. The items that were sold were mainly tech-related, including computers, digital cameras, and various toys. The company later expanded into other areas, including wine, user-designed T-shirts, and products for children.
Two of Woot's unique spinoffs include Sellout Woot, which is prominently featured on Yahoo's Shopping site, as well as Deals Woot, which launched late last year and aggregates shopping deals from around the Web.
Update at 2:55 p.m. PDT: TechCrunch is reporting that the price of the sale was $110 million, citing its own sources.
Update at 3:13 p.m. PDT: Woot has released a rap video about the acquisition: