Groupon
Internet site offering local discounts.
Headquarters:
600 W. Chicago Ave, Suite 620
Chicago, IL 60654
Employees: 10,418
CEO: Andrew Mason
Stock Symbol: GRPN
Website: http://www.groupon.com
Career Site
Launched in November 2008 in Chicago, Groupon is one of the Internet's fastest growing companies.
Groupon offers unbeatable deals on the best stuff to do, eat, see, and buy in over 175 North American markets and 43 countries. Groupon uses collective buying power to offer unbeatable prices and provide significant benefits to businesses and consumers.
Over 1,000 new deals are offered each day locally and are activated when a specific number of users sign up for the deal. If not enough people sign up, the deal is canceled.
The site has over 83.1 million members. Deals can be downloaded to Android and iPhone mobile apps.
The company makes money from merchants who pay a fee for each deal that is activated. The company said it has worked with over 66,000 local businesses and served over 100,000 deals worldwide.
Groupon rejected an offer by Google to buy the company for $6 billion in December 2010.
In 2010, Groupon reported revenues of $713.3 million, up from just $30.4 million in 2009. The company reported a loss of $389.6 million in 2010. There were over 30.2 million Groupons sold in 2010.
The company went public on Nasdaq Stock Market in November at $20 per share.
The company has grown from 37 employees as of June 30, 2009 to 10,418 employees in 2011. More than half of employees are salespeople.
History
Groupon grew out of a website called The Point, a website launched in November 2007 that lets you start a campaign asking people to give money or do something as a group but only once a "tipping point" of people agree to participate. By delaying action until enough people come together to have a real impact, The Point helps consumers, employees, citizens, activists, parents -- or anyone -- come together and solve problems that they couldn't solve alone.
Andrew Mason is the founder of Groupon and also The Point.
Updated November 22, 2011
|