From the press release:
Version 2 with mobile coupons is already in development and planned for a February release, and all current users will get the upgrade for free.
GroceryIQ (http://www.groceryiq.com) is the leading grocery shopping application for the iPhone or iPod Touch. The application comes preloaded with more than 130,000 items commonly found in supermarkets across America. The critically-acclaimed software enables users to organize their personal shopping lists by store, aisle, buying history, favorites, as well as customizing item sizes. With more than a thousand new installs daily, GroceryIQ has been the #1 paid application in the "Lifestyle" category of the iTunes app store since its release.
Financial terms of the transaction were not disclosed.