Leading US-founded digital coupon business RetailMeNot has today announced its launch into Canada.
The news, which follows hot on the heels of UK coupon rival vouchercloud’s revelations that it too would be expanding into Canada, means Canadians will have access to thousands of digital coupons from more than 6,000 retailers.
Chief executive officer and founder of RetailMeNot, Cotter Cunningham, said the business, which filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering (IPO) last week, is excited to enter the Canadian market with RetailMeNot.ca.
“This cross-border expansion of the RetailMeNot brand is part of our long-term commitment to become a trusted source of savings for online consumers globally," Cotter said.
Just a week ago PerformanceIN.com covered news that RetailMeNot, which also operates coupons sites in the UK, Germany, France and Netherlands, filed the IPO. Within the IPO registration document, the company, which operates ‘the world’s largest digital coupon marketplace’, confirmed that in 2012 it had more than 450 million total visits to its desktop and mobile websites.
The public document, in which the company admits the market it participates in is ‘intensely competitive’, went onto say that since entering the digital coupon market in 2009, it has experienced significant growth. Its net revenues increased from $16.9 million in 2010, to $144.7 million in 2012 - representing a 192.9% compound annual growth rate.
From the three months ended March 31 2012, to the three months ended March 31 2013, net revenues from RetailMeNot.com and VoucherCodes.co.uk collectively grew organically from $27.3 million to $37.5 million, respectively. This $10.2 million increase represented 92.7% of its consolidated net revenues growth, the document said.