LivingSocial, a social commerce site, today announced it has acquired a majority stake in Let's Bonus, S.L., one of the pioneer social shopping sites in Europe. The partnership makes LivingSocial now live in ten countries with the addition of Let's Bonus' Spain, Italy, Portugal, Argentina and Mexico presences. LivingSocial now has more than 16 million subscribers, is live in more than 170 markets, and is projected to book in excess of $500 million in revenue in 2011.
"The addition of Let's Bonus to the LivingSocial team is a great opportunity to expand into Latin America and continue our European growth," said Tim O'Shaughnessy, CEO and co-founder of LivingSocial. "Not only is LivingSocial available in ten countries, but with this acquisition we've gone multilingual, offering deals in Spanish, Italian and Portuguese."
The company offers daily deals with discounts of up to 70% on exclusive activities including gourmet dinners, luxury spas and romantic escapes.
In 2010, LivingSocial acquired adventure company Urban Escapes, and launched three new verticals including LivingSocial Escapes, a travel site that offers unbeatable savings on curated adventures, LivingSocial Family Edition and Campus Deals.