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Groupon acquires Bristol company in $65million deal

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Written by: Hannah Baker | Posted 03 May 2018 15:57

Groupon acquires Bristol company in $65million deal

Groupon has acquired the parent company of Bristol-based online discount-code platform Vouchercloud and gift-voucher business Giftcloud.

The US e-commerce marketplace giant has bought out Cloud Savings Company Ltd for $65million (£47.8million) in a deal it says will “accelerate its own efforts and broaden the marketplace for consumers.”

Greg Le Tocq, co-founder and director of Cloud Savings Company (pictured), who is based in Bristol, said: "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.

“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.”

Vouchercloud operates in 11 countries, has more than five million subscribers and has relationships with more than 12,000 retailers and brands. The company’s mobile app has been downloaded more than 10 million times.

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Groupon intends to maintain the company’s Bristol headquarters where they employ approximately 100 people.

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 programmes with some of the biggest names in retail, as well as with great local merchants.”

Le Tocq says he is "very excited" that his company is joining forces with Groupon. He added: “We recognise the potential in combining our expertise in the coupon sector to enhance our offerings for consumers in the UK and beyond.

“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.”

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