International legal practice Osborne Clarke has advised the shareholders of Cloud Savings Company on its acquisition by Groupon. Cloud Savings Company is the parent company of online discount code platform Vouchercloud and brand loyalty provider Giftcloud. The enterprise value of the transaction is $65 million.
For Vouchercloud and Giftcloud, the acquisition represents the opportunity to continue to develop their growing businesses while benefiting from Groupon’s local expertise and significant customer and merchant scale.
Vouchercloud operates in 11 countries - primarily in the United Kingdom - with more than 5 million subscribers and relationships with more than 12,000 top retailers and brands. Their mobile app has been downloaded more than 10 million times. Groupon intends to maintain the company’s Bristol headquarters where they employ approximately 100 people.
An Osborne Clarke team led by Corporate Partner Alisdair Livingstone advised the shareholders on the transaction. Alisdair was assisted by Gareth Clendinning and Elinor Owen (Corporate Associates), Tom Bussy (Banking Partner) and Erika Jupe (Tax Partner).