August 2, 2011
Continuing the race to secure valuable global market share, DC-based LivingSocial has announced they have acquired TicketMonster, one of the leading daily deal sites in South Korea. TicketMonster offers daily and instant deals, travel deals, and events to more than two million members in Korea and Malaysia. The company has grown rapidly from zero to $24 million in revenues between May 2010 and last month. That’s pretty impressive.
In talking with LivingSocial CTO Aaron Batalion today, he had this to say of the acquisition and LivingSocial’s expansion into the Asian market:
“This expands our Asian footprint, begun earlier this year with the acquisitions of Ensogo and DealKeren (operating in the Philippines, Thailand and Indonesia.) Korean e-commerce is a rapidly expanding and dynamic market. This deal will give TicketMonster the resources, scale and reach to bring their business to the next level and provide even better services for their customers.”
This deal is the ninth acquisition by LivingSocial in the last year, which strongly contributes to their goal to have a firm handle in the Asian market. Financial terms of the deal were not disclosed.
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