Sidetour, a “marketplace for experiences,” had previously raised $4 million in VC money, and has operations in Chicago, NYC, Philadelphia and Washington D.C. Financial details of the acquisition have not been released.
When Groupon founder Andrew Mason was forced out in February, the stock was hovering above $2, and investors were in panic mode. The stock price has rebounded considerably since then, currently sitting at $11.57, but let’s not forget what got the site into such dire circumstances: acquisitions and hyper-growth. Specifically, Groupon acquired ‘daily-deals’ competitors across the globe, making the Samwer Brothers a fortune in the process and massively overextending its salesforce.
Mason, sadly, did not include any songs about over-leveraging on his rock album, “Hardly Workin,'”, released earlier this year. Is Groupon doomed to repeat its mistakes of the past? Let us know in the comments section.