Online deals website LivingSocial has made another bold step towards the Asian market by acquiring TicketMonster, the leading daily deals site in Korea.
The Korean service has been growing fast, reportedly getting takeover offers for some time now. “Some of them are serious and we keep talking to them… But it really comes down to valuation,” said CEO Daniel Shin back in May. And while the financial details of the LivingSocial deal were not disclosed, we can only assume that they were agreeable to Mr. Shin.
TicketMonster has 600 employees who are now set to join the LivingSocial team. Tim O’Shaughnessy, the CEO of LivingSocial, commented on the deal in the company’s announcement:
ticketmonster.co.kr
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… 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.”
It was just back in late June when we reported that the company had picked up Indonesian group-buying site DealKeren with its acquisition of Ensogo. That pick up gave the company a presence in Thailand and the Philippines as well.
This is the ninth acquisition for LivingSocial over the past year. We expect that it probably won’t be the last.
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