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LivingSocial Buys $5 Million Controlling Stake in Jump On It

LivingSocial, the online social buying startup, announced today that it has acquired a controlling stake of almost $5 million in Australia’s social shopping site, Jump On It. By folding Jump On It into LivingSocial, the two companies have the potential to reach well over a million Australians through email and Facebook. This also means that LivingSocial will be available to anyone living in Australia, the US, Canada, UK and Ireland.

“Having Jump On It as part of the team is an incredible opportunity for us to get started in Australia, and to offer our curated experiences to more consumers in more locations,” said Eric Eichmann, COO of LivingSocial. “We’ve had extraordinary growth this year – and we continue to look for opportunities to grow even further, both domestically and internationally. Our growth and revenue numbers are clear indicators that our business model, our relationship with local merchants and our customer service make us the top choice when consumers seek unique experiences in their area.”

LivingSocial is currently earning $1 million a day and is projecting to book more than $500 million in revenue in 2011.

Source: PR Newswire


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