In its second-largest acquisition, Amazon buys the company for $970 million.
The daily deal firm plans to buy South Korea’s TicketMonster.
Daily deal provider LivingSocial says it will buy TicketMonster Inc., a South Korean company that offers daily deals and travel packages to more than 2 million consumers in South Korea and Malaysia. LivingSocial did not say how much it would pay for TicketMonster; the deal is subject to approval from Korean regulators.
Founded in 2010, TicketMonster recently introduced a location-based service that enables consumers with mobile devices to search for deals from local merchants. TicketMonster’s 600 employees will become part of LivingSocial.
"TicketMonster is one of Korea's most recognized and trusted brands in the nascent daily deal industry, and we are excited to bring them into the LivingSocial family," says Tim O'Shaughnessy, CEO and co-founder of LivingSocial. "TicketMonster and LivingSocial share the same culture of innovation, customer focus and fun, and we believe that the benefits we bring to consumers can be extended to other markets in Asia and around the world."
The acquisition of TicketMonster will give LivingSocial a presence in 23 countries; earlier this summer, LivingSocial bought online discount provider Ensogo, which has more than 800,000 members across the Philippines, Thailand and Indonesia.