Broadening its vision beyond daily deals, Groupon took another positive step in the right direction recently when it announced its $260 million acquisition of Korea’s Ticket Monster.
The acquired talent and resources will be used to augment Groupon’s growing mobile commerce operations across the continent of Asia, specifically through event ticketing and a variety of commerce services.
“The acquisition fits Groupon’s overall strategy of moving from daily deals to mobile commerce,” writes industry insider Boyan Josic of Josic.com.
“The agreement is for $100 million in cash and up to $160 million in Groupon Class A common stock,” Josic explains.
The deal is expected to close in the first half of 2014.
“Ticket Monster is a perfect fit for Groupon as we continue to transition our business globally from a flash sale email model to a mobile commerce marketplace,” says Groupon CEO Eric Lefkofsky in a statement provided to the press.
Lefkofsky asserts that Ticket Monster has a vibrant and growing marketplace in one of the world’s largest ecommerce markets.
“Coupled with outstanding mobile penetration and expertise in local, travel, and product,” the Groupon chief concludes, “they will help us accelerate our overall growth, provide immediate scale and serve as a cornerstone for our operations in Asia.”