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Luxury discounter Gilt Groupe has acquired Boston- and New York-based Groupon competitor BuyWithMe, the company announced in an emailed news release today, weeks after it emerged that BuyWithMe had undertaken significant layoffs.
Terms of the deal were not disclosed. BuyWithMe is set to become part of Gilt Groupe’s Gilt City daily deal site.
In the fast-growing startup sector for daily deals and social buying, defined by Groupon, BuyWithMe has frequently been named as a distant third behind the leader and the No. 2 site, LivingSocial. It was backed by Boston-area VCs Bain Capital Ventures and Matrix Partners. Founded in 2009, BuyWithMe had raised about $21.5 million in venture capital to date.
Recently, BuyWithMe pursued an aggregation strategy, acquiring smaller players to expand its geographic footprint. The company made six such acquisitions in 2011, most recently buying up Scoop St., a New York-based group discount deals website.
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