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Groupon is an American global e-commerce marketplace connecting subscribers with local merchants by offering activities, travel, goods and services in 15 countries. Based in Chicago, Groupon was launched there in November 2008, launching soon after in Boston, New York City and Toronto. By October 2010, Groupon was available in 150 cities in North America and 100 cities in Europe, Asia and South America, and had 35 million registered users. By the end of March 2015, Groupon served more than 500 cities worldwide, nearly 48.1 million active customers and featured more than 425,000 active deals globally in 48 countries.
The idea for Groupon was created by former CEO and Pittsburgh native Andrew Mason. The idea gained the attention of his former employer, Eric Lefkofsky, who provided $1 million in seed money to develop the idea. In April 2010, the company was valued at $1.35 billion. According to a December 2010 report conducted by Groupon’s marketing association and reported in Forbes magazine and the Wall Street Journal, Groupon was “projecting that the company is on pace to make $1 billion in sales faster than any other business, ever.”
In its first earnings release as a public company, Groupon reported a 2011 fourth-quarter loss of $9.8 million on an adjusted basis, disappointing investors. Additional investor concerns arose after the company restated 2011 revenues downward in March 2012.
Experiences marketplace Groupon announced a partnership with Redeam––a global technology company that empowers the growth of tours, attractions and activities. The partnership enables Redeam’s supplier network to connect their existing booking, yield management and voucherless, mobile redemption capabilities to Groupon promotions––enabling them to reach new customers, sell more tickets and maximize revenue. For customers, the integration enables them to seamlessly find, book and redeem more of the top things to do in their city or wherever they may be.
“Partnering with Redeam has the potential to bring more high-quality, bookable local experiences onto Groupon platform,” said Brian Fields, head of experiences for Groupon. “By integrating with their technology, we’re delivering more tools and capabilities for these merchants and operators to sell more tickets while delivering a great experience for Groupon customers.”
Redeam works with hundreds of resellers and serves thousands of operators globally, including some of the world’s most sought-after attractions, theme parks, event venues, boat tours, museums and more. Its operators include brands like Walt Disney World, BigBus Tours, Boston Harbor Cruises, National Geographic Encounter: Ocean Odyssey and the Intrepid Sea, Air & Space Museum.
“Groupon’s focus on experiences makes it a force to be reckoned with in the tours, attractions and activities space,” said Redeam CEO and President Melanie Meador. “With nearly 44 million customers, a massive mobile footprint and a trusted brand, Groupon’re thrilled to partner with them.”