LivingSocial, the No. 2 social commerce provider in the U.S. after Groupon, has acquired South Korea’s biggest player Ticket Monster (TMon), underscoring the popularity of discount deals through social network services amid the dearth of mergers and acquisitions in other sectors.
TMon said on Tuesday that the acquisition deal has been finalized, without offering monetary terms and other detailed conditions. The official announcement came after TMon earlier denied the rumor that it is being courted by Living Social.
In the budding social commerce market worldwide, TMon is now expected to offer a gateway to Asia, through which LivingSocial can expand its presence.
TMon, founded just last year, is expanding in both domestic and foreign markets in recent months, acquiring Malaysia’s Integrated Methods in June. The Korean startup has some 600 employees while executing about 60 deals on a daily basis in the Korean market where Twitter, Facebook and other social network services are gaining popularity at a rapid pace.
(
insight@heraldcorp.com)
