Groupon acquires fine dining discount website Savored
25 Sep 2012
Groupon Inc, the world's largest online daily deals company, yesterday said that it has acquired Savored, a leading provider of reservations at the best restaurants across the US, for an undisclosed sum.
New York-based Savored.com, formerly called VillageVines allows diners to make free online reservations and pay lower prices at some of the fine dining restaurants in the US. Savored uses a proprietary technology to search restaurant availability to find the highest possible discount.
Members pay $10 to book a reservation at a restaurant and in return usually get about 30 to 40 per cent per cent discount on their bill, including alcohol. The restaurant does not pay Savored any fee, but gets the $10 from members.
More than 1,000 restaurants nationwide have used Savored and consumers get an opportunity to eat at a fine dining place with the 'built-in' discount.
The company has grown from six employees to 45 during the first six months in 2011, while reservations jumped by 335 per cent and subscribers by 228 per cent.
"Savored's platform nicely complements Groupon's efforts in yield management, an area we've pioneered with Groupon Now!," said Dan Roarty, VP of Groupon Now.