Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
The online discounting company plans to operate in 11 South Korean markets by May.
Groupon today launched a daily-deal service in South Korea. For now, consumers in Seoul, Gyeonggi Province, Busan and Daegu can receive Groupon’s online discounts for services and retail goods. Groupon says it will operate in 11 markets in South Korea by May.
“The collective buying space in Korea is exploding,” says Rob Solomon, president and chief operating officer of Groupon. “There is a huge opportunity for Groupon Korea to emerge as a leader, leveraging the best practices we’ve pioneered around the world to bring a higher quality of local daily deals and better consumer and merchant experiences.”
Groupon says it already operates in nine Asian countries. Last month, the Chicago-based company launched a daily-deal venture in mainland China with Tencent Holdings Ltd., one of the largest Internet service providers in China. The venture, GaoPeng.com followed Groupon’s purchase in December of Hong Kong-based local deal provider uBuyiBuy.
Groupon says it has 60 million subscribers in 45 countries.