A Norwegian media group has taken a 50% stake in Irish online classified ads site DoneDeal.

Financial details of the investment, by Schibsted Media Group, are not being disclosed.

DoneDeal, founded in 2005 by Fred and Geraldine Karlsson, had revenues of slightly more than €3m in the year to the end of April. It now employs 10 staff at its offices in Wexford.

As part of this deal, Fred Karlsson, co-founder of DoneDeal, will continue in the management of the company and as a major shareholder in the business.

The Schibsted Media Group operates a specialist classified media division and has a network of online sites across more than 25 countries.