Network of the Group Buying Bandwagon
Whether the recent news of acquisitions and IPOs is a sign of even better days to come for social buying or just a passing phase, there’s definitely a lot of newcomers hoping to catch the tail-end of this sector’s meteoric rise.
August 1, 2011 2:46 by p.deleon
Just fourteen months after GoNabit was founded by Dan Stuart and Sohrab Jahanbani in January 2010, it was snapped up by LivingSocial, the world’s second-largest website devoted to daily coupons. The first to cash in on the untapped group buying potential in the Middle East, GoNabit was acquired along with Ensogo in Thailand and the Philippines and Ensogo-owned DealKeren in Indonesia for stocks worth $29.4 million. LivingSocial issued equity valued at $24.6 million and $4.8 million and now it looks like GoNabit is scheduled for a name change, soon becoming LivingSocial Middle East. It stands to gain a number of benefits by becoming part of one of the world’s largest social commerce sites, oh like being able to tap into LivingSocial’s 30 million plus subscribers around the globe.Just fourteen months after GoNabit was founded by Dan Stuart and Sohrab Jahanbani in January 2010, it was snapped up by LivingSocial, the world’s second-largest website devoted to daily coupons. The first to cash in on the untapped group buying potential in the Middle East, GoNabit was acquired along with Ensogo in Thailand and the Philippines and Ensogo-owned DealKeren in Indonesia for stocks worth $29.4 million. LivingSocial issued equity valued at $24.6 million and $4.8 million and now it looks like GoNabit is scheduled for a name change, soon becoming LivingSocial Middle East. It stands to gain a number of benefits by becoming part of one of the world’s largest social commerce sites, oh like being able to tap into LivingSocial’s 30 million plus subscribers around the globe.
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4 Comments
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