$6 Billion is a whole lot of money, but apparently hot deal-of-the-day website Groupon doesn’t think it’s enough for them to sell out. Google offered Groupon this insane deal, but were supposedly turned down, so it seems the latter is going to stay independent. The two companies have been talking about this merger for a while now, and I’m pretty sure that Google is not too happy with the outcome.
Google is pursuing local search advertising pretty hard, and was trying to take Groupon over as the latter has access to a huge database of sales employees, apart from having good relationships with small businesses all over North America.
According to sources, Google’s spokesperson said the company refused to respond to speculation. Even the Groupon spokesperson was unavailable for comments on this story.
Two years ago, Groupon started out as a struggling website, but saw success in just its seventh month of operations. The company has shot to success and is now so massive that it employs over 3000 employees, has presence in 35 counties and is worth approximately $1.3 billion (according to reports in April). They are also expected to generate an annual revenue of $500 million this year, and according to the industry, will continue to grow.
Groupon is also toying with the idea of going public, but will not make a decision until 2011.
Published Date: Dec 06, 2010 09:30 am | Updated Date: Dec 06, 2010 09:30 am