Groupon continues its acquisition march to beef up its service and take itself beyond daily deals. Today it announced that it has bought Savored, a restaurant reservations and discount meal provider. Financial terms of the deal were not disclosed.
Savored is used by some 1,000 restaurants and gives diners discounts of up to 40% when they book through the site. Much of Groupon’s existing restaurant business is based around paying for food up front, while this gives Groupon more scope to cover other functions like table bookings. Savored exists in the same category as Pirq, which also offers restaurant discounts to help facilitate “yield management” at restaurants — or the ability to better balance peaks and troughs in customer foodfall, and subsequent supply/productivity issues.
Unlike some other acquisitions that Groupon has made, it will continue to keep Savored up and running.
The move also widens the scope of what Groupon is doing as a one-stop shop for retailers’ e-commerce activities — something that Andrew Mason laid out as a priority back in May, when he said he wanted Groupon to “become the operating system for local commerce.”
To that end, it looks like Savored will be sitting in the Groupon Now! product team, reporting to VP Dan Roarty.
Savored used to be called VillageVines, and it rebranded in June 2011, when it also added Buddy Media’s Michael Lazerow as an investor and board member. Ironically, back then, it made a point of noting how it was nothing like Groupon. “We don’t have sky diving, we don’t have spas and salons,” said co-founder Daniel Leahy at the time.
Release below.
Groupon Completes Acquisition of Savored
CHICAGO–(BUSINESS WIRE)– Groupon (http://www.groupon.com) (NASDAQ: GRPN) announced today it has acquired Savored (http://www.savored.com), a leading provider of reservations at the best restaurants across the United States. Terms of the deal were not disclosed.
More than 1,000 restaurants nationwide have used Savored’s unique platform for yield management. After booking a reservation on Savored.com and visiting the restaurant, diners enjoy up to a 40% discount applied automatically to their bill. Merchants enjoy incremental revenue for tables that would otherwise be empty, and consumers are incentivized by the ‘built-in’ discount and roster of high-end eateries to explore.
“Savored’s platform nicely complements Groupon’s efforts in yield management, an area we’ve pioneered with Groupon Now!,” said Dan Roarty, VP of Groupon Now. “We look forward to working together to achieve a common goal – making dining out even more fun and affordable for consumers while helping restaurateurs manage inventory and grow their businesses.”
Savored will continue to serve diners and restaurants at http://www.savored.com. Interested merchants can learn more about Savored’s free 30-day trial at http://savored.com/free-trial/ or by calling (877) 801-1209.
About Groupon
Groupon, launched in November 2008 in Chicago, features a daily deal on the best stuff to do, eat, see and buy in 48 countries around the world. Groupon uses collective buying power to offer huge discounts and provide a win-win for business and consumers, delivering more than 1,000 daily deals globally. To subscribe for the best deals in your city, visit http://www.groupon.com. To learn how to become a featured business, visit http://www.grouponworks.com.
Groupon features a daily deal on the best stuff to do, see, eat, and buy in more than 565 cities around the world. By promising businesses a minimum number of customers, Groupon can offer deals that aren’t available elsewhere. Groupon brings buyers and sellers together in a fun and collaborative way that offers the consumer an unbeatable deal, and businesses a large number of new customers. To date, it has saved consumers more than $300 million and claims it...
Savored is the nation’s leading provider of yield management solutions to the restaurant industry. Over 1,000 restaurants nationwide use the Savored reservation platform to lower prices when they have empty tables and to increase prices when they have excess demand. Savored leverages a proprietary technology that searches restaurant availability and leverages yield management to offer diners the lowest possible price at great restaurants. Consumers browse Savored’s list of leading restaurants, make free online reservations and then receive discounts of...
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