MONTREAL, March 2, 2012 /CNW Telbec/ - Tuango.ca, the leading group buying website in Quebec, is proud to announce the acquisition of the assets of LeRenard.ca, one of the most successful websites of the industry created in May 2011. This acquisition will enable Tuango.ca to reinforce its brand and leadership in the market by combining the strengths and advantages of each company. In a few weeks, the members of LeRenard.ca will become members of Tuango.ca.
As a result of this transaction, SQUARE VICTORIA DIGITAL PROPERTIES, owner of LeRenard.ca, becomes a minority shareholder of Tuango.ca along with its founding partners and Torstar Digital.
"We are very happy to welcome the members and merchants of LeRenard.ca. This acquisition enables us to reach a much larger audience and to source a wider variety of top quality offers for our members", said Eduardo Mandri, President of Tuango.ca.
On his part, Pierre-Elliott Levasseur, President of SQUARE VICTORIA DIGITAL PROPERTIES, added: "We are delighted to be partnering with Tuango.ca, Quebec's leading group buying company. This transaction aligns with our strategy of investing in leading companies in the digital sector. Already renowned for its quality offers and high-profile across the province, Tuango.ca will surely benefit from the assets of LeRenard.ca to further enhance its leadership position in the market".
This transaction allows the members of both websites to benefit from a larger array of offers on a wide range of popular and distinctive products and services. It also allows Tuango.ca merchants to reach over 750,000 members across the province.
A progressive integration
The integration of LeRenard.ca and Tuango.ca will be completed in the coming weeks. Until then, LeRenard.ca will remain in operation and its members will continue to have access to their accounts and to their coupons. All the coupons acquired through LeRenard.ca will be honored by the merchants according to the established conditions. Tuango's customer service is available to all members who wish to be assisted during the transition period.
Tuango.ca is Quebec's number 1 group buying website. Every day it presents daily offers with steep discounts to the best spas, restaurants, activities, events and more. Since its launch in June 2010, Tuango.ca has sold more then 730,000 coupons, representing over $ 67 million dollars in savings for its members. Inspired by the Chinese concept Tuángòu, Tuango.ca harnesses the purchasing power of thousands of potential consumers to negotiate exclusive offers for its members. Since the beginning of its operations, Tuango has experienced a phenomenal growth, and has an active presence in the cities of Montreal, Quebec, Gatineau, Sherbrooke, Trois-Rivières, Drummondville and Saguenay. Close to 50% of all group buying coupons distributed in the province in 2011 were sold by Tuango.
About SQUARE VICTORIA DIGITAL PROPERTIES
Either directly or by way of its subsidiaries, SQUARE VICTORIA DIGITAL PROPERTIES is active in the digital sector, in television production and in book publishing. It has an ownership interest in a number of leading firms, including the recruiting and job-hunting site Workopolis, the advertising network Olive Media and the group buying website Tuango.ca. Among its other firms, La Presse Télé produces quality programming in all categories intended for the general public and is recognized as one of the top companies of its kind in Québec. Square Victoria Digital Properties also owns the firm w.illi.am/, which offers Web consultation and development services in Montreal and Toronto.
For further information:
Director of Operations
514-282-0288 ext. 304
514-282-0288, extension 502
SQUARE VICTORIA DIGITAL PROPERTIES
514 285-7000, extension 7253