Groupon buys Canadian rebate company Snapsaves

Absrtact: June 25 News, according to foreign media reports, group buying originator Groupon announced in Tuesday, the company has acquired the Canadian rebate start-up company Snapsaves. Snapsaves was set up last August to buy a specific product from a partner and upload a shopping receipt map on its website.

June 25 News, according to foreign media reports, group purchase originator Groupon announced in Tuesday, the company has acquired the Canadian rebate start-up company Snapsaves.

Snapsaves was set up last August and buyers can return it through the site when they buy a specific product and upload a purchase receipt picture on their website. Retailers working with Snapsaves have Canadian target, Costco and whole Foods.

At present, the relevant details of the transaction has not been disclosed.

Groupon spokeswoman Bill Roberts, in an email, welcomed Snapsaves to join the company's extended family, but declined to comment on details of the deal. In fact, the deal was reached by 13th this month.

Groupon has been committed to becoming an all-encompassing electronic retailer. A few weeks ago Groupon had just expanded its freebies division, which enabled American users to get thousands of electronic coupons on their websites.

In the first quarter of this year, Groupon lost nearly 37.8 million dollars as a result of sustained growth in marketing and acquisition costs. Last November, the company spent $260 million to buy ticket monster. This January, the company spent 43 million of dollars to buy Ideeli, an online fashion retailer.

In the morning of Tuesday, Groupon was up 6% per cent, close to $7 a share.