Mountain View, Calif. – Digital coupons firm announced on Thursday that it has raised $200 million in new funding from institutional investors. cited a source close to the deal as saying that it values the company at $1 billion.

Founded in 1998, Mountain View, Calif.-based has partnered with retailers — who count a combined 44,000 U.S. locations — to power digital coupons online and via mobile applications. CEO Steven Boal told Wired the company’s coupons are redeemed about 18% of the time, compared to less than 1% redemption for newspaper coupons.

The company said up to $100 million of the funds will be distributed to employees and early investors, while the rest will be used for acquisitions, to fuel further product development, and to expand into new verticals and international markets.


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