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December 21, 2012

Chase Bank to acquire Bloomspot

The acquisition is expected to close in early 2013

By CBR Staff Writer

Chase Bank, a subsidiary of JPMorgan Chase & Co., has agreed to acquire US online coupon site, Bloomspot.

Financial terms of the transaction have not been disclosed, but Bloomberg reports that it expect that Chase Bank will pay $35m for the company.

About 100 Bloomspot employees will join Chase Bank’s credit card unit as part of the deal.

The acquisition is expected to generate new revenue sources for Chase by customising discounts as well as other deals for retailers and cardholders.

Bloomspot provides offers to consumers by partnering with restaurants, resorts, spas and other businesses in Chicago, New York and other cities of the US.

Chase Offers president Jeff Kinder said: "Merchant partners are continually looking for ways to engage the right customers, and consumers have shown a clear interest in receiving offers from their favorite merchants.

"We believe Chase has a unique set of assets to bring these customers together and deliver highly targeted, relevant merchant offers at scale," Kinder said.

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Bloomspot CEO Jasper Malcolmson said: "Bloomspot has succeeded by building a technology platform that delivers the most relevant offers to its members, as well as delivering and measuring customer loyalty for merchants."

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