Friday, January 21, 2011
LivingSocial Invests in Spanish Group-Buying Site
The deal gives LivingSocial the ability to speak to consumers in Spanish, Italian and Portuguese, and gives the company presence in 10 countries. This is the second time LivingSocial has bought a controlling stake in a foreign firm. Last November, the company invested $5 million for a controlling stake in Australia’s JumpOnIt.com. Financial terms of the latest deal were not disclosed.
Launched in September 2009, Let’s Bonus helped start the collective buying trend in Europe. The company offers daily deals with discounts of up to 70% on dinners, luxury spas and romantic escapes in cities like Madrid, Barcelona, Rome, Buenos Aires and Lisbon.
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