Groupon snags online restaurant platform
Online US daily deals firm Groupon said Monday it had acquired the restaurant reservation company Savored for undisclosed terms.
The move gives Groupon what is described as "a leading provider of reservations at the best restaurants across the United States."
"Savored's platform nicely complements Groupon's efforts in yield management, an area we've pioneered with Groupon Now!" said Groupon's Dan Roarty.
The statement said more than 1,000 restaurants nationwide have used Savored's platform, which automatically applies up to a 40 percent discount to customers' bills after sitting them at unused tables.
Chicago-based Groupon has been struggling since a hyped public offering last year.
It posted a sound quarterly profit in August but saw its stock tumble due to a disappointing forecast for the months ahead.
The company made its stock market debut at $20 per share in November and peaked above $31 dollars a share. The shares fell another 1.5 percent Monday to close at $5.20.
(c) 2012 AFP