Groupon swoops for company behind Vouchercloud
The parent company of online discount code platform Vouchercloud and brand loyalty provider Giftcloud has been snapped up by Groupon.
The Nasdaq-listed eCommerce marketplace has purchased Bristol-headquartered Cloud Savings Company at an enterprise value of $65m.
The acquisition will allow Vouchercloud and Giftcloud to continue developing their businesses while benefiting from Groupon’s local expertise and significant customer and merchant scale.
"We recognise the potential in combining our expertise in the coupon sector to enhance our offerings for consumers in the UK and beyond," said Greg Le Tocq, co-founder and director of Cloud Savings Company.
"In joining together, we can create even more - and more effective - ways for customers to save and businesses to grow.
"We equally look forward to working with Groupon to grow the Giftcloud business, as we continue to be at the forefront of innovation while the gift card industry moves from plastic to digital."
Vouchercloud operates in 11 countries – primarily in the UK - with more than five million subscribers and relationships with more than 12,000 top retailers and brands.
The company’s mobile app has been downloaded more than 10 million times.
"We’re pleased to add two great, profitable brands and very talented teams to the Groupon family," said Groupon CEO Rich Williams.
"In Vouchercloud, we’re acquiring one of the most innovative brands in the online discount codes space, which we believe will accelerate our own efforts - particularly in International - and broaden our marketplace for consumers.
"In Giftcloud, we see interesting long-term potential in creating attractive customer loyalty programs with some of the biggest names in retail, as well as with great local merchants."
Cloud Savings Company will continue to operate from its headquarters in Bristol, where it employs approximately 100 people.