Cox Target Media has acquired Savings.com and its London-based partner, Savoo.co.uk. The two join Valpak as a Cox Target Media company and will continue to operate independently. However, they will pool resources when it comes to technology platforms and consumer engagement.
While not a household name in Europe, Cox Media Group – which owns Cox Target Media – has substantial muscle in the USA. Its integrated broadcasting, publishing, direct marketing and digital media operations generate $1.7billion in revenue. The Group already has a vested interest in vouchers from its ownership of Valpak, a provider of localised print and digital savings that has franchises across North America.
The purpose of the acquisition, according to Cox Target Media, was to expand its business across digital, social and mobile platforms, answering the marketing industry’s needs in areas where they’re not met currently. Visitors to Valpak.com and Savings.com will now see a more extensive selection of offers.
Current Founder and CEO of Savings.com, Loren Bendele, will be staying in the role. He believes that Cox Target Media’s involvement will bring extra strength to the company. “The resources and reach of Cox Target Media, including the Valpak brand, and their overall company goals and values were appealing to us in growing our business,” Bendele said.
Investment hot streak
The acquisition news continues a hot streak for the world of digital discounting. Just this month MoneySupermarket.com bought MoneySavingExpert.com for £87million, and Vodafone took a controlling stake in Vouchercloud. Larger media operations appear to be noting the potential in these companies and preferring to buy a ready-made offering rather than start their own operation.
President of Cox Target Media, Michael Vivio, felt that the acquisition offered not just local savings, but advice for the consumer. “This acquisition brings together national and local savings content, community expertise and multichannel marketing capabilities to provide the best of all worlds for marketers and consumers,” he said. “We also believe Savings.com has tremendous growth opportunity through its international expansion of Savoo.co.uk and we are committed to supporting that effort.”