Social commerce site LivingSocial has acquired a majority stake in Let’s Bonus. The partnership bolsters LivingSocial’s rapid international expansion, making it now live in ten countries with the addition of Let’s Bonus’ Spain, Italy, Portugal, Argentina and Mexico presences. LivingSocial now has more than 16 million subscribers, is live in more than 170 markets, and is projected to book in excess of $500 million in revenue in 2011. Terms of the deal were not disclosed.
“The addition of Let’s Bonus to the LivingSocial team is a great opportunity to expand into Latin America and continue our European growth,” said Tim O’Shaughnessy, CEO and co-founder of LivingSocial. “Not only is LivingSocial available in ten countries, but with this acquisition we’ve gone multilingual, offering deals in Spanish, Italian and Portuguese. We’re thrilled to expand our footprint with a company that believes in building the same great merchant and consumer relationships that LivingSocial has always upheld.”
Launched in September 2009 in Barcelona, Let’s Bonus helped to pioneer the collective buying movement in Europe and is the leader in the Spanish market. The company offers daily deals with discounts of up to 70% on fun, exclusive activities including gourmet dinners, luxury spas and romantic escapes. Let’s Bonus has a strong management and sales team of more than 200 employees, including local city experts in each market where the company’s daily deals program is live, and offices in Barcelona, Madrid, Valencia, Rome, Milan, Lisbon, Buenos Aires and Mexico. Let’s Bonus’ “Planes de Viaje” section, which offers pre-packaged travel deals to users, also naturally supports LivingSocial Escapes’ international expansion.
“LivingSocial is the perfect fit for Let’s Bonus as we share the same goal of offering unique, top notch deals for subscribers,” said Miguel Vicente, founder and CEO of Let’s Bonus. “With LivingSocial’s support, we look forward to growing Let’s Bonus even faster and stronger throughout Europe and in South America.”
In 2010, LivingSocial acquired adventure company Urban Escapes and has expanded its reach in Australia with a controlling stake in Jump On It.
USA, Washington DC & Spain, Barcelona
- Social shopping site LivingSocial acquires Urban Escapes Posted on October 20, 2010