News / Acquisitions
Vouchercloud sold to Groupon in multi-million dollar deal
An online discount platform born and bred in Bristol has been sold to the Groupon group for $65m.
Vouchercloud began in 2010 as Europe’s first voucher app. It has since been downloaded more than 10m times across the world, with the website getting 55m annual visits, publishing discounts in 11 countries and working with more than 12,000 retailers.
The business started with a team of eight and now employs more than 100 people at its Bristol headquarters on Wapping Road between Prince Street bridge and the Louisiana.
Giftcloud, recently launched by Vouchercloud, is a ‘brand loyalty provider and digital gift card proposition’ which has now been adopted by some of the UK’s biggest brands such as Topshop, Pizza Express and Costa.
Vouchercloud was founded by Bristol entrepreneurs Scott Davidson, former publisher of Trade It; Greg Le Tocq, founder of Chic, a high-end private members digital discount club; and Dougal Templeton, founder of Venue magazine and co-founder of Bristol24/7 CIC.
The $65m purchase is the enterprise value of the business; with Groupon expecting their new acquisition to contribute more than $5m in EBITDA profits in 2018.
Le Tocq, who will be staying on with the business, said: “There’s is huge potential in combining our expertise in the coupon sector to enhance our offering for UK consumers and beyond. In joining together, we can create even more effective ways for customers to save money.”
In a statement, Groupon CEO Rich Williams said: “We’re pleased to add two great, profitable brands and very talented teams to the Groupon family.
“In Vouchercloud, we’re acquiring one of the most innovative brands in the online discount codes space, which we believe will accelerate our own efforts — particularly in International — and broaden our marketplace for consumers.
“In Giftcloud, we see interesting long-term potential in creating attractive customer loyalty programs with some of the biggest names in retail, as well as with great local merchants.”
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