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.
The article JPMorgan Buys Bloomspot originally appeared on Fool.com.Fool contributor Rich Smith has no positions in the stocks mentioned above. The Motley Fool owns shares of JPMorgan Chase & Co. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.