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SK Telecom, the nation’s No. 1 mobile carrier, will take over U.S.-based shopping app Shopkick for $200 million, the company said Sunday.
Industry watchers said the acquisition deal is likely to help SK Telecom to make inroads into the U.S. market.
In an effort to expand its business overseas, SK Telecom announced last year that it would spend between $500 million and $1 billion through its Internet Services arm SK Planet on investing in or buying U.S. companies over three to five years.
Shopkick gives users points, or “kicks,” for entering a store, which can be redeemed for gift cards at retailers in the U.S., including Macy’s and Crate & Barrel.
The app reportedly has more than 8 million users. Forbes, a U.S. monthly management magazine, reported in July that the company had revenue of $26.3 million in 2013.
(jyseo@heraldcorp.com)
Industry watchers said the acquisition deal is likely to help SK Telecom to make inroads into the U.S. market.
In an effort to expand its business overseas, SK Telecom announced last year that it would spend between $500 million and $1 billion through its Internet Services arm SK Planet on investing in or buying U.S. companies over three to five years.
Shopkick gives users points, or “kicks,” for entering a store, which can be redeemed for gift cards at retailers in the U.S., including Macy’s and Crate & Barrel.
The app reportedly has more than 8 million users. Forbes, a U.S. monthly management magazine, reported in July that the company had revenue of $26.3 million in 2013.
(jyseo@heraldcorp.com)
