WhaleShark Strikes Again, Snapping Up eConversions
WhaleShark Media expanded its international capacity this week with the announcement that it acquired eConversions, Ltd. Doing so gives WhaleShark two more coupon sites to add to the mix: VoucherCodes.co.uk and GutscheinCodes.de. eConversions was founded in 2004 by brothers Duncan and Max Jennings without outside investment.
The United Kingdomâ€™s largest coupon site, VoucherCodes appears to be the biggest prize of this acquisition. TechCrunch reported that the deal is worth â€œaround $40 million in cash and stock.â€ Itâ€™s speculated that VoucherCodes generates $15 million in annual revenue. Earlier this month, WhaleShark announced that it had received a $10 million investment from Google Ventures. This move confirms WhaleSharkâ€™s strategy to continue growing through acquisition, including the option to expand internationally.
â€œWeâ€™ve said from the start that we were interested in international acquisitions,â€ Cunningham said. â€œWeâ€™re excited to have found a property we like. This is a great initial first step for us into the (European Union countries). This is going to be a great springboard for us to then lever into the continent.â€
This deal follows six previous purchases of other coupon sites by WhaleShark. VoucherCodes and GutscheinCodes will join a portfolio that includes â€œdeals2buy, coupon7, couponshare, cheapstingybargains.com, deals.com and retailmenot.â€
Part of WhaleSharkâ€™s interest in eConversions lies with its email marketing success. With over four million subscribers to its weekly newsletter, WhaleShark CEO, Cotter Cunningham, believes thereâ€™s something to be learned for the benefit of the other brands.