LivingSocial expands global reach with TicketMonster acquisition
LivingSocial's reach already spans across 23 countries worldwide, with an existing foothold in Asia in the Philippines, Thailand and Indonesia.
This new merger with TicketMonster expands to South Korea and Malaysia with an extra two million members now.
Founded in 2010, TicketMonster is your basic daily deal site with discounts, coupons and specially priced travel packages. Like most other daily deal businesses these days, TicketMonster recently went instant with a new project, TMON NOW, a real-time, location-based service that connects local merchants with customers who are searching for different services.
Daniel Shin, CEO of TicketMonster, said in a statement:
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.
Financial terms of the deal haven't been disclosed yet. LivingSocial hasn't confirmed when the deal would close either as it is subject to Korean regulatory approval. But TicketMonster's 600 employees are expected to be retained and become part of the LivingSocial group.
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