Daily deals giant Groupon has acquired a New York based startup named Hyperpublic, that builds an open database of people, places, and things tied to a specific location and allows developers to develop applications based on the collected data.
The new acquisition would provide Groupon with the technology needed to enter Foursquare’s territory and offer new services. While Foursquare allows users to leave comments on the locations they visit, Groupon may be working towards gathering user reviews about venues itself, states Business Insider in arecent report.
Hyperbolic, which has raised $1.15 million from Lerer Ventures, and Softbank Capital, among others was founded by Lerer Ventures General Partner Jordan Cooper along with Doug Petkanics two years ago.
The two companies have not revealed the financial details of this deal, but Jordan Cooper, co-founder and chief executive of Hyperpublic, said that the company and its investors were happy with the return it offered. Cooper further added that few members of the Hyperpublic team would begin working at Groupon’s California engineering offices, and that the company would continue to research and analyze local market.
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