Gannett is on a shopping spree. After the media company snapped up advertising company BLiNQ for $92 million a few weeks ago, Gannett is announcing the acquisition of Mobestream Media, maker of the Key Ring consumer rewards mobile platform, Key Ring. Terms of the acquisition were not disclosed.
Key Ring is a mobile app that allows consumers to consolidate all of their loyalty and rewards cards and coupons into one spot. Via the app, consumers can access their digital coupons, digitize their loyalty cards, join new loyalty programs, manage their accounts online and share their cards and offers through their social networks and email. Users also receive location-based mobile coupons and other promotional offers.
Key Ring, which raised funding from Austin Ventures, is available for the iPhone, Android, Windows Phone 7 and Blackberry devices. To date, more than five million users have downloaded the free Key Ring app to scan and store existing loyalty cards.
Ganettt, which owns the USA Today, a number of local newspapers, and broadcast stations, says that mobile coupons are a fast-growing business in the national and local marketing scene.
Key Ring has led the way with consumer adoption of its smartphone app and developed key relationships with small and mid-sized retailers,” said Gracia Martore, president and CEO of Gannett in a release. “With Key Ring, we will be able to provide consumers with a very easy way to use and manage their digital customer loyalty cards and access mobile coupons. For our business clients, Key Ring enables them to enhance and grow their relationships with customers by distributing their loyalty programs and providing a new method of reaching consumers.”
Gannett says that Key Ring will become part of Gannett Digital Marketing Services mobile product and will serve as a distribution outlet and consumer marketing platform. The company will operate as a stand-alone business, with Key Ring CEO Chris Fagan reporting to Vikram Sharma, president and CEO of Digital Marketing Services.