SEOUL, KOREA - "If you can't beat them, join them. That was our main motivation to buy up TicketMonster." Groupon CEO Eric Lefkofsky said this on November 12 in a press conference at Seoul's Coex Convention Center.

 

 

"Even though we are No. 1 in the world in social commerce, we couldn't overcome the high wall with our Korean unit Groupon Korea alone," he added. The U.S. company had announced on the 8th that it would acquire TicketMonster at US$260 million.

 

Lefkofsky further said, "Once the deal is closed, we will increase our investment spending to make TicketMonster the No. 1 operator in social commerce in Korea. TicketMonster will be one of the most important units of Groupon. Currently the Chicago-based company has business in 48 countries including the headquarters in the United States.

 

With the acquisition of TicketMonster Groupon plans to expand aggressively in Asia. "Korea is the fourth-largest e-commerce market in the world. Korea will be the stepping stone of our Asia strategy," Lefkofsky said. Groupon is looking for another Asian social commerce company for acquisition.