PetSmart acquired Pet360 for $130 million in cash and up to $30 million more in future performance-based payments.
CoffeeTable iPad Catalog App Revolutionizes In-App Shopping, Doubles Retailer Conversions
SAN FRANCISCO, CALIF.—April 3, 2012—Real Valuable Corporation, maker of the CoffeeTable iPad catalog shopping app (coffeetable.com), today announced the completion of a Series A round of institutional funding from RR Donnelley (NASDAQ: RRD), a global leader in the printing and retail catalog business. RR Donnelley is betting on CoffeeTable and its unique Express Checkout technology as it expands its service offerings in tablet commerce. This investment is also coupled with an exclusive marketing relationship between the companies.
Real Valuable Corporation will use the funds to hire development resources, launch new personalization and engagement features, and further build brand equity for CoffeeTable, the only catalog app that bridges catalog discovery to direct purchase. The company is dedicated to delivering a premium app experience to shoppers, while providing end-to-end service and analytics for leading retailers.
CoffeeTable, which already has a highly-engaged and growing shopper base, is poised to revolutionize the $270 billion catalog industry. Within a single iPad app, consumers can shop and buy from hundreds of catalogs, including Delia’s, Signals, Hanover Direct’s The Company Store, Alloy and many others. By enabling in-app purchases with only two taps, CoffeeTable’s Express Checkout drives twice the conversion rate of web checkout purchases. CoffeeTable also offers retailers a growing suite of benchmark data and catalog analytic tools to help retailers optimize their imulti-channel marketing efforts.
“With mobile commerce estimated to quadruple in growth by 2014, CoffeeTable is capturing a big opportunity in tablet e-commerce,” said Ben Choi, CEO of CoffeeTable. “RR Donnelley has the right expertise to help us strengthen and expand our talent, feature set and brand equity. Our service offerings for retailers’ multichannel marketing strategies truly complement one another, and only stand to improve as we continue to deliver the innovations our users demand.”
This Series A investment is the first tranche of a larger investment by RR Donnelley, a Fortune 500 company and global leader in printed and digital communications. The equity commitment acknowledges CoffeeTable’s potential both as key resource for retailers and as a market leader in tablet commerce. A public company, RR Donnelley is a partner to leading companies around the world, including IMG, Office Depot, Chrysler and others.
“No one is better positioned to help businesses create, produce, distribute and monetize content,” added Ann Marie Bushell, President of RR Donnelley’s CustomPoint Solutions offering. “With this investment in CoffeeTable, RR Donnelley is taking the lead in helping our customers’ content connect with the right audiences through the right channels at just the right time.”
By enabling direct in-app catalog purchases, CoffeeTable’s Express Checkout technology saves consumers the time, frustration and security concerns of using a third-party website on tablet as the point of sale. This process effectively removes barriers to buying, empowering retailers to reap the rewards of the upcoming boom in mobile commerce. Retailers are further positioned to benefit from CoffeeTable’s shopper-oriented environment by providing exclusive getaways, sales and other promotions inside the app.
For more information on CoffeeTable, please visit coffeetable.com or download from the app store.
Developed by Real Valuable Corporation, CoffeeTable is a free app that turns your iPad into a virtual CoffeeTable of retail catalogs, allowing shoppers to browse their favorite stores anywhere, anytime. It is the only catalog app that enables purchases to be made directly in the app via its Express Checkout technology, and offers shoppers exclusive giveaways, sales, and more. CoffeeTable is a top-selling catalog app in the App Store Catalogs category. For more information visit Coffeetable.com or email hello@CoffeeTable.com.
About RR Donnelley
RR Donnelley (NASDAQ:RRD) is a global provider of integrated communications. The Company works collaboratively with more than 60,000 customers worldwide to develop custom communications solutions that reduce costs, enhance return on investment and ensure compliance. Drawing on a range of proprietary and commercially available digital and conventional technologies deployed across four continents, the Company employs a suite of leading Internet based capabilities and other resources to provide premedia, printing, logistics and business process outsourcing products and services to leading clients in virtually every private and public sector.
For more information, and for RR Donnelley's Corporate Social Responsibility Report, visit the Company's web site at www.rrdonnelley.com.