LivingSocial Signs Agreement to Acquire Korean Deal Provider TicketMonster
Combination Will Allow Companies to Offer Better Values and Experiences to Consumers in Korea's Vibrant Daily Deals Industry and Worldwide
WASHINGTON, Aug. 1, 2011 /PRNewswire/ -- LivingSocial, the online and mobile source for great local values and experiences, today announced it has signed a definitive agreement to acquire TicketMonster Inc., the leading social commerce website in South Korea, subject to Korean regulatory approval. Founded in 2010, TicketMonster offers daily and instant deals, travel packages, and events to more than 2 million members in Korea and Malaysia.
"TicketMonster is one of Korea's most recognized and trusted brands in the nascent daily deal industry, and we are excited to bring them into the LivingSocial family," said Tim O'Shaughnessy, CEO and co-founder of LivingSocial. "TicketMonster and LivingSocial share the same culture of innovation, customer focus and fun, and we believe that the benefits we bring to consumers can be extended to other markets in Asia and around the world."
Following regulatory review and approval, the acquisition of TicketMonster will bring the total number of countries LivingSocial operates in to 23. Other countries in Asia with LivingSocial operations include the Philippines, Thailand and Indonesia, through the Ensogo and DealKeren acquisitions announced earlier this summer.
"Like LivingSocial, TicketMonster has always focused on providing great values to our members while helping our merchant partners reach new, loyal customers," said Daniel Shin, CEO of TicketMonster. "Joining LivingSocial will give TicketMonster the resources, scale and reach to bring our business to the next level across the region while providing even better services for our customers. We believe that this deal will advance the interests of our merchants, our members, and all Korean consumers."
Among other new features, TicketMonster recently launched its location-based service TMON NOW, a real-time deal service connecting local merchants and customers who are searching for their services.
Terms of the deal were not released. After closing, TicketMonster's 600 employees will become part of the LivingSocial team.
LivingSocial helps people around the world find, share and enjoy great local deals and new experiences. We'll help you get more out of your city. Through its daily deal e-mails and alerts, LivingSocial introduces members to handpicked local businesses, products or services each day at savings of 50 percent or more. With a range of products for different interests, like Families and Adventures, LivingSocial helps delight members with the perfect deal for them. Other services include LivingSocial Escapes, which features easy "vacations in a box" to leading destinations, and LivingSocial Instant, which helps members discover real-time discounts at nearby restaurants, stores and businesses. LivingSocial works with each merchant partner to create customized marketing solutions that attract and retain loyal, long-term customers. Based in Washington, D.C., LivingSocial has more than 40 million members in 21 countries.
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