LivingSocial has signed a definitive agreement to acquire TicketMonster Inc., a social commerce website in South Korea. Founded in 2010, TicketMonster offers daily and instant deals, travel packages, and events to more than 2 million members in Korea and Malaysia.
“TicketMonster is one of Korea’s most recognized and trusted brands in the nascent daily deal industry, and we are excited to bring them into the LivingSocial family,” said Tim O’Shaughnessy, CEO and co-founder of LivingSocial. “TicketMonster and LivingSocial share the same culture of innovation, customer focus and fun, and we believe that the benefits we bring to consumers can be extended to other markets in Asia and around the world.”
Following regulatory review and approval, the acquisition of TicketMonster will bring the total number of countries LivingSocial operates in to 23. Other countries in Asia with LivingSocial operations include the Philippines, Thailand and Indonesia, through the Ensogo and DealKeren acquisitions announced earlier this summer.
“Like LivingSocial, TicketMonster has always focused on providing great values to our members while helping our merchant partners reach new, loyal customers,” said Daniel Shin, CEO of TicketMonster. “Joining LivingSocial will give TicketMonster the resources, scale and reach to bring our business to the next level across the region while providing even better services for our customers. We believe that this deal will advance the interests of our merchants, our members, and all Korean consumers.”
Terms of the deal were not released. After closing, TicketMonster’s 600 employees will become part of the LivingSocial team.
USA, Washington & South Korea
Related links:
- LivingSocial acquires Ensogo, DealKeren and GoNabit Posted on June 29, 2011
- Social commerce site LivingSocial acquires a majority stake in Let’s Bonus Posted on January 13, 2011
- Social shopping site LivingSocial acquires Urban Escapes Posted on October 20, 2010
Fusion Corporate Partners 