Groupon buys grocery coupon app; shares jump again

|By:, SA News Editor

Groupon (GRPN +7.8%) has bought SnapSaves, the Canadian developer of a grocery coupon app. Terms are undisclosed.

SnapSaves, which claims 2M+ Canadian users, will now expand its reach to the U.S. Its apps allow shoppers to receive cash back on select items after uploading grocery receipt pictures. Retail partners include Target, Costco, Whole Foods, and Safeway.

The purchase puts Groupon into competition with (COUP), which handled 1.3B+ transactions in 2013 and has a healthy mobile presence. Groupon has long asserted it wants to be an end-to-end provider of local commerce services for merchants.

Shares are adding to the big gains they saw yesterday following a bullish Piper note. 15% of the float was shorted as of May 30.