Social commerce startup LivingSocial is expanding to Australia, acquiring a majority stake in the existing leading social shopping site, Jump On It, rather than competing with them head-on. The agreement involves an investment of $5 million by the Washington, DC-based Groupon rival, and Jump On It will be folded into LivingSocial?s branded Daily Deals. Together with LivingSocial, Jump On It says it will now reach more than 1.2 million Australians via email and Facebook - where it has attracted over 550,000 'fans' - every day.
Source: http://feedproxy.google.com/~r/Techcrunch/~3/s3qdp9uCXCw/
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