Google and Yelp are in advanced acquisition negotiations with a supposed deal of $500 million.

Yelp was founded in 2004. It let users review local businesses. According to Comscore, the site gets nearly 9 million monthly unique visitors, and it has been growing fast. According to the company, the real number of visitors are near 25 million monthly uniques.

Yelp mentioned that 2009 revenue expectation is around $30 million and it is expecting $50 million or so in 2010.

Google is also working on its own directory of local businesses with its Place Pages. These pages can be accessed via Google Maps and local search. They are offering local businesses Google-branded stickers in store windows. Recently it added its own ratings summaries to business profiles.

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