(Reuters) — Google Inc. is in talks with smaller players in the online discount coupon market after Groupon turned down the web giant's $6-billion buyout offer, the New York Post said, citing a source close to the situation.
Groupon's smaller rivals LivingSocial and BuyWithMe may now be on Google's radar after Groupon deal fell through, the Post said.
BuyWithMe interim President David Wolfe, who declined to comment on whether he was speaking to Google, told the Post that he believes Google needs to enter the coupon advertising market.
Google could not immediately be reached for comment.
Groupon, a privately held Chicago-based company which was launched about two years ago sends its members daily e-mails with about 200 deals for goods and services.
Showing posts with label LivingSocial. Show all posts
Showing posts with label LivingSocial. Show all posts
Tuesday, December 21, 2010
Groupon Hires Amazon Finance Executive Child as CFO
(Bloomberg) -- Groupon Inc., owner of a daily coupon website with 40 million subscribers, named Jason Child chief financial officer as it considers raising more money to fund growth.
Child, 42, previously served as Amazon.com Inc.’s vice president of finance, overseeing its $14 billion international business, Groupon said today in a statement. He will relocate to Chicago, where Groupon is based.
Groupon, which offers deals in more than 300 cities, spurned a $6 billion offer from Google Inc., people familiar with the negotiations said this month. The closely held company will top $500 million in sales this year, the people said, a milestone reached faster than Web pioneers Amazon, EBay Inc. and Yahoo! Inc.
“It’s a pretty clear signal that Groupon’s going to go public, and it’s probably in 2011,” Greg Sterling, an analyst at Internet2Go, an advisory service with Opus Research in San Francisco, said today in an interview. “I wouldn’t expect them, like Facebook, to hang out for a while.”
Child held various positions during his almost 12-year tenure at Amazon, including vice president of finance in Asia, finance director for Amazon.de in Germany and director of investor relations. Before joining Amazon, he worked for Arthur Andersen LLP as a consulting manager.
Groupon was introduced in November 2008 by founder Andrew Mason. The website offers daily group discounts on restaurants, theme parks, clothes and other consumer items.
Groupon aims to raise several hundred-million dollars, a person familiar with the matter said this month. The increased financing would value Groupon at less than $6 billion, said two people, who asked not to be identified because the talks are private. An investment group led by Digital Sky Technologies in April valued Groupon at about $1.3 billion.
LivingSocial, Groupon’s biggest rival, announced a $175 million investment from Seattle-based Amazon this month.
Child, 42, previously served as Amazon.com Inc.’s vice president of finance, overseeing its $14 billion international business, Groupon said today in a statement. He will relocate to Chicago, where Groupon is based.
Groupon, which offers deals in more than 300 cities, spurned a $6 billion offer from Google Inc., people familiar with the negotiations said this month. The closely held company will top $500 million in sales this year, the people said, a milestone reached faster than Web pioneers Amazon, EBay Inc. and Yahoo! Inc.
“It’s a pretty clear signal that Groupon’s going to go public, and it’s probably in 2011,” Greg Sterling, an analyst at Internet2Go, an advisory service with Opus Research in San Francisco, said today in an interview. “I wouldn’t expect them, like Facebook, to hang out for a while.”
Child held various positions during his almost 12-year tenure at Amazon, including vice president of finance in Asia, finance director for Amazon.de in Germany and director of investor relations. Before joining Amazon, he worked for Arthur Andersen LLP as a consulting manager.
Groupon was introduced in November 2008 by founder Andrew Mason. The website offers daily group discounts on restaurants, theme parks, clothes and other consumer items.
Groupon aims to raise several hundred-million dollars, a person familiar with the matter said this month. The increased financing would value Groupon at less than $6 billion, said two people, who asked not to be identified because the talks are private. An investment group led by Digital Sky Technologies in April valued Groupon at about $1.3 billion.
LivingSocial, Groupon’s biggest rival, announced a $175 million investment from Seattle-based Amazon this month.
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