Groupon continues its acquisition march to beef up its service and take itself beyond daily deals. Today it announced that it would buy Savored, a restaurant reservations and discount meal provider. Financial terms o the deal were not disclosed.
Savored is used by some 1,000 restaurants and gives diners discounts of up to 40% when they book through the site. Much of Groupon's existing restaurant business is based around paying for food up front, while this gives it more business in the area of offering discounts that get redeemed at the point of sale. It competes against companies like Pirq, which also offers restaurant discounts to help facilitate "yield management" at restaurants.
Unlike some other acquisitions that Groupon has made, it will continue to keep Savored up and running.
Release below. More to come. Please refresh for updates.
Groupon Completes Acquisition of Savored
CHICAGO-(BUSINESS WIRE)- Groupon (http://www.groupon.com) (NASDAQ: GRPN) announced today it has acquired Savored (http://www.savored.com), a leading provider of reservations at the best restaurants across the United States. Terms of the deal were not disclosed.
More than 1,000 restaurants nationwide have used Savored's unique platform for yield management. After booking a reservation on Savored.com and visiting the restaurant, diners enjoy up to a 40% discount applied automatically to their bill. Merchants enjoy incremental revenue for tables that would otherwise be empty, and consumers are incentivized by the 'built-in' discount and roster of high-end eateries to explore.
"Savored's platform nicely complements Groupon's efforts in yield management, an area we've pioneered with Groupon Now!," said Dan Roarty, VP of Groupon Now. "We look forward to working together to achieve a common goal - making dining out even more fun and affordable for consumers while helping restaurateurs manage inventory and grow their businesses."
Savored will continue to serve diners and restaurants at http://www.savored.com. Interested merchants can learn more about Savored's free 30-day trial at http://savored.com/free-trial/ or by calling (877) 801-1209.
About Groupon
Groupon, launched in November 2008 in Chicago, features a daily deal on the best stuff to do, eat, see and buy in 48 countries around the world. Groupon uses collective buying power to offer huge discounts and provide a win-win for business and consumers, delivering more than 1,000 daily deals globally. To subscribe for the best deals in your city, visit http://www.groupon.com. To learn how to become a featured business, visit http://www.grouponworks.com.
This story originally appeared in TechCrunch.
