Groupon acquires a beleaguered LivingSocial - Technical.ly DC

Business

Oct. 27, 2016 9:19 am

Groupon acquires a beleaguered LivingSocial

The Chicago-based company announced the deal in its third quarter earnings report on Wednesday.

And so two daily deals sites become one.

(Photo by Flickr user jeanbaptisteparis, used under a Creative Commons license)

Chicago-based Groupon announced on Wednesday that is has entered into an agreement to acquire D.C.’s LivingSocial. Groupon made the announcement inside a third quarter earnings report.

Financial terms of the deal were not disclosed. Instead, Groupon said “the acquisition consideration is not material.” In other words, the deal wasn’t anything to write home about, at least in financial terms. The deal bringing together these two erstwhile rivals is expected to close next month. According to Crain’s Chicago Business, Groupon expects to acquire about 1 million customers and around 180 employees from the Amazon-backed LivingSocial. It’s not clear if LivingSocial will retain an office in the District.

The LivingSocial that Groupon is acquiring is very different from what it looked like at its peak. LivingSocial was once a crown jewel of the #dctech scene — raising over $928 million in nine rounds. But then came the decline and a recurring pattern of layoffs sometimes described as a company “turnaround.”

Now, perhaps, LivingSocial’s greatest legacy in #dctech is a whole spinoff world of startup founders who previously worked for the deals giant. Think Alan Clifford, cofounder at Galley, or Susan Tynan, founder of Framebridge. And that’s just to name a couple — the Washington Post chronicled this pattern here.

-30-
JOIN THE COMMUNITY, BECOME A MEMBER
Already a member? Sign in here
Connect with companies from the Technical.ly community
New call-to-action

Advertisement

QxBranch has been acquired by California-based Rigetti Computing

M&A Moves: EveryAction makes it’s third acquisition in six weeks

Accenture has acquired a Seattle-based cybersecurity company

SPONSORED

DC

Building a data acquisition system? Don’t make this mistake

Washington, DC

SmartLogic

Account Executive (DC)

Apply Now
Washington, D.C.

The Washington Post

Full Stack Developer

Apply Now
Washington, D.C.

The Washington Post

Senior Full Stack Software Engineer

Apply Now

Cvent has acquired a San Francisco-based mobile event app maker

Logi Analytics has acquired Zoomdata

Endgame is set to be acquired by a Netherlands-based data management firm for $234M

SPONSORED

DC

This fast-growing SaaS company aims to be a force for change in the energy industry

DC

EngagedMD

Full Stack Software Developer

Apply Now
Alexandria, VA

The Motley Fool

Software Developer

Apply Now
DC

TransitScreen

Account Executive

Apply Now

Sign-up for daily news updates from Technical.ly Dc

Do NOT follow this link or you will be banned from the site!