RetailMeNot Says It Wants To Be The 'One-Stop Shop For Savings' In Most Recent Acquisition Announcement

RetailMeNot Inc (NASDAQ: SALE) announced after Thursday's close it has entered into an agreement to acquire GiftCard Zen, a secondary marketplace for gift cards.

RetailMeNot's stock showed no trades early Friday morning.

GiftCard Zen's business consists of buying gift cards from, and selling gift cards to, consumers and businesses at a discount to the face value.

RetailMeNot said the acquisition is consistent with its strategy of providing consumers with more ways to save money across their shopping journey. The company also said by offering discounted gift cards alongside its platform, it can further differentiate itself from its peers and drive higher frequency with users.

RetailMeNot suggested that the market size for unused gift cards is around $44 billion.

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Big Ambitions

"RetailMeNot wants to be the one-stop shop for savings when a consumer shops at one of our thousands of retail partners or takes their family to a restaurant. GiftCard Zen is a great fit with RetailMeNot as its inventory of discounted gift card content will provide consumers another meaningful way for RetailMeNot to fulfill our mission to help people save money," said Cotter Cunningham, CEO and founder of RetailMeNot, Inc.

"We expect that GiftCard Zen's existing operational capabilities and its ability to capture and grow secondary gift card inventory pair well with the power and size of the RetailMeNot audience. We believe this acquisition will help us accelerate our overall growth, and will quickly provide a broad selection of discounted gift cards from over 700 different retailers, brands and restaurants, further solidifying RetailMeNot's position as a leading savings destination."

"GiftCard Zen shares the same mission with RetailMeNot, to help consumers save money when they shop at their favorite retailers, restaurants and brands," said Aaron Dragushan, founder of GiftCard Zen Inc. "I'm incredibly pleased we are joining a company and culture that values the business we've built over the past three and a half years."

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