JPMorgan Buys Bloomspot


The "daily deals" market got a little more crowded today, when JPMorgan Chase & Co. announced late Thursday that its Chase Bank subsidiary has signed an agreement to buy privately-held "targeted merchant offers" company Bloomspot for an undisclosed sum.

Referring to the popularity of daily offers sites, such as Groupon and Livingsocial, as evidence that "consumers have shown a clear interest in receiving offers from their favorite merchants," Chase says that acquiring Bloomspot gives it a chance "to bring these customers together [with the company's merchant customers] and deliver highly targeted, relevant merchant offers at scale."

Chase said it expects this acquisition to close in early 2013. Shares of the bank closed Thursday at $44.53, up 2.3%, before the news was made public.

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