E-commerce marketplace Groupon has acquired the Bristol-based parent company of an online discount code platform and brand loyalty provider in a deal worth £46.7m ($65m).
E-commerce marketplace Groupon has acquired the Bristol-based parent company of an online discount code platform and brand loyalty provider in a deal worth £46.7m ($65m). Cloud Savings Company operates the Vouchercloud and Giftcloud brands.
Vouchercloud is a voucher platforms with 55 million annual visits from 11 countries, while digital gift card market Giftcloud is a digital gifting app and website.
Groupon intends to maintain the company’s Bristol headquarters where approximately 100 employees work.
Shaw & Co arranged the sale and advised the shareholders of Cloud Savings Company. The Shaw & Co team was led by Jim Shaw, who also acted as CFO for Cloud Savings Company up until completion. Jim was supported by Corporate Finance Director, Myles Hamilton.
For over 13 years we have been saving people money from our Bristol bases, starting off in the Tobacco Factory with The Invitation Book, and then moving to West Street in Bedminster where we launched Vouchercloud in 2010 with a team of three. "
Le Tocq added: “Now we’re in the hub of the city operating from our office near Wapping Wharf where we have seen both businesses thrive and our staff members grow to over 100. The city has been a fundamental part of our journey.
“In joining together, we can create even more, and more effective, ways for customers to save and businesses to grow. We equally look forward to working with Groupon to grow the Giftcloud business, as we continue to be at the forefront of innovation while the gift card industry moves from plastic to digital.”
Groupon chief executive Rich Williams said: “We’re pleased to add two great, profitable brands and very talented teams to the Groupon family
“In Vouchercloud, we’re acquiring one of the most innovative brands in the online discount codes space, which we believe will accelerate our own efforts — particularly in International — and broaden our marketplace for consumers.”
“In Giftcloud, we see interesting long-term potential in creating attractive customer loyalty programs with some of the biggest names in retail, as well as with great local merchants.”
When the original owners of Invitation Digital bought their business back from Vodafone, they had an opportunity to sell it on. They came back to us to make the trade sale happen.
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