Groupon Clone is Acquired for $30 Million in Cash
The buyer is Stamford, Conn.-based Affinion Group, a marketing and customer-engagement agency.
Eversave, which is located in Wakefield, Mass., is part of a 12-year-old online marketing company, which started offering daily deals over the past year after helping big brands, like Kraft and Proctor & Gamble, create online relationships with customers through email and other means.
Back in January, Eversave was planning to serve about 15 markets by the end of March, and today serves 20 around the country.
CEO Jere Doyle predicted at the time that there was likely going to be a shakeout in the deals market with some companies getting purchased and others going out of business. Turns out, he was right.
The acquirer in this case is the most interesting part. So far, a majority of the deals acquisitions have included the big players, like Groupon and LivingSocial, expanding internationally, or other players, like BuyWithMe, buying up players to expand into new U.S. cities. But so far, very few companies have acquired companies to enter the daily deals space for the first time, much less a marketing agency.
The transaction is subject to the customary closing procedures, according to a release, and there could be price adjustments down the road if certain performance targets are achieved in the next two fiscal years. Those payments would likely be made in the form of stock.
Prospectiv’s management team and associates are expected to continue to work with the combined company.