Australia's JumpOnIt Acquired By LivingSocial

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With the current state of the economy, and prices soaring in any retail store that you shop in, coupons have never been more popular. To help coupons become more accessible and social, sites like Groupon and LivingSocial have been made to send you a local "daily offer" to your e-mail inbox for you to take advantage of deals that other shoppers might not be aware of. Shoppers in Australia have caught onto this idea, and the website of JumpOnIt was born (in 2009) with this premise.

To give you an idea of what JumpOnIt is all about, and how it is both similar to and different than Groupon and LivingSocial, I have provided a fun YouTube video for you elaborating on Australia's well-known "daily offer" website.

Last week, according to the Sydney Morning Herald, well-known American "daily offer" company LivingSocial acquired JumpOnIt. A settling price was not specified; however, the newspaper did exclaim the following statement:

"...the founders and original investors were delighted with the outcome which they suggested was in excess of the Yahoo!7's acquisition of group-buying site Spreets for a rumoured $30-$40 million."

Brendan Lewis, the Director of Corporate Communications for LivingSocial, said the following remarks regarding this acquisition:

"We are very happy with what we see as a vibrant business and we look forward to giving them the tools to continue with innovation and market leadership downunder.”

Lewis also confirmed that with LivingSocial acquiring JumpOnIt, JumpOnIt's users will not see any significant changes in the operation of the site's functionality.

JumpOnIt claims that it is approximately ten times ahead of its competitors in social media engagement and has 1.2 million+ daily subscribers, along with 580,000 active Facebook members.

What are your thoughts about LivingSocial acquiring JumpOnIt? Be sure to leave your response below in this post's comments section.

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