Multiple sources in the know have informed us that LivingSocial is close to continuing its international expansion with the impending acquisition of Grupfoni, a leading local ecommerce company in Turkey, as first reported by local tech blog Webrazzi. The deal hasn’t been closed yet, we hear, but LivingSocial is very close to signing off on the transaction.
The deal values Grupfoni at more than $50 million, although we couldn’t pin down an exact purchase price at this stage – in between $50 million and $70 million would make sense though, as Grupfoni’s annual revenue run rate is estimated at around $25 – $30 million.
A LivingSocial representative declined to confirm or deny the acquisition talks, as the company typically doesn’t comment on rumors or speculation. Grupfoni’s keeping mum, too.
But LivingSocial, like its main rival Groupon, regularly acquires local daily deal sites to serve as a foundation for discount distribution on a global scale.
Most recently, the company acquired DealKeren (operational in Indonesia), its parent company Ensogo (which offers daily deals in Thailand and the Philippines) as well as GoNabit (which operates in Dubai, Abu Dhabi, Lebanon, Jordan and Kuwait).
They also purchased South Korea’s Ticket Monster, adding some 600 employees in one move.
LivingSocial recently issued stock worth $29.4 million in relation to one or more acquisitions, according to two SEC filings.
We’ll update as soon as we have more information.
LivingSocial is the social commerce leader behind LivingSocial Deals, a group buying program that invites people and their friends to save up to 90 percent each day at their favorite restaurants, spas, sporting events, hotels and other local attractions in major cities. LivingSocial has an extensive user base of more than 85 million, and is headquartered in Washington, D.C.