It is known that the COVID-19 pandemic has gripped the entire world and it is hard for everyone to work at all in these times. This means that every company around the world is either closed or working in a limited capacity. Therefore, we have very fewer chances of any real work happening right now in the space. But we have somewhat surprising news as the Global Savings Group has revealed its acquisition of the French cashback company named iGraal.
Now, we can say that this is similar to the PayPal acquisition of Honey with the difference being that PayPal was already a player in the space where Global Savings Group is more of an investor. Honey, which started as a plugin to let people save money became a company and is now under PayPal. Similarly, iGraal has been valued at €123.5 million in a mixture of cash and stock and is essentially a cashback company which has an interesting business model.
According to a release by the GSG, “In 2019, GSG and iGraal jointly saw more than six million members using its loyalty tools and connected advertisers to around 400 million consumers,”. “The deal makes GSG the largest rewards, savings and shopping content platform in Europe”.
Revealing their plans for the future, “the two companies intend to expand their cashback and loyalty solutions into new European markets and significantly increase its member base and reach. Despite strong investments and market expansion, GSG expects to stay profitable also in 2020,”
GSG also adds that additional user interactions provide GSG with valuable new insights into the shopping behaviour of millions of consumers worldwide and will enable it to build an “even smarter” advertising platform for its partners. This is basically GSG saying that they would love to study iGraal’s customers and how they buy products to advertise in the best manner possible.