IAC/InterActiveCorp has reached an agreement to acquire Shoebuy.com, Inc., an internet retailer of footwear and related apparel.

Shoebuy, founded in 1999 and headquartered in Boston, carries more than 400,000 products from over 250 brands. The company has also recently launched Bagsbuy.com and plans to extend into additional product categories. Shoebuy's founder and CEO Scott Savitz will continue to oversee the company's operations. Terms of the cash transaction were not disclosed.

IAC operates diversified businesses in sectors being transformed by the internet, online and offline.