Washington – Expanding its international presence, LivingSocial,
the social commerce company that operates its "Daily Deals" service
in more than 170 markets, said on Thursday it has acquired a majority stake in
Spain-based Let’s Bonus, which operates social shopping sites in 25 markets
across Spain, Italy, Portugal, Argentina and Mexico.
Financial terms of the
deal were not disclosed.
With the move, LivingSocial is now live in 10
countries, and expects to generate more than $500 million in revenue this year.
Tim O’Shaughnessy, the co-founder and CEO of LivingSocial, called the
acquisition "a great opportunity to expand into Latin America and continue
our European growth."
The company now also offers deals in Spanish,
Italian and Portuguese.
Launched in Sept. 2009, Let’s Bonus offers daily deals
with discounts of up to 70% on restaurants, spas and trips.
The company, which
has more than 200 employees, also offers pre-packaged travel deals, which will
compliment the deals currently offered through LivingSocial Escapes.