CoolSavings, an Internet
coupon and relationship marketing company, said that Australian-based
international property and financial services group Lend Lease acquired a 10% interest
in the company for $5 million.
Lend Lease has options to increase its holding up to 30%, and under the terms
of the agreement, the Lend Lease Group will also provide financial and
managerial expertise.
“This agreement represents an important step in our company’s move to become
the Internet’s search engine for consumer savings and one-to-one marketing,”
said Steve Golden, CoolSavings chairman and CEO. “Lend Lease’s global
financial and management expertise combined with our U.S. patent will help
CoolSavings expand both our service offerings and our market share in the
United States and worldwide.”
Established in 1958, Lend Lease is an international property and financial
services group with more than $46 billion in funds under management. It has
investments worldwide in information technology, real estate investments,
funds management, life insurance, property development, project management and
construction, real estate services and capital services and equity
investments.
“The Internet represents a significant opportunity to build store traffic and develop long term relationships with customers,” said Lynette Mayne, CEO of Lend Lease IT+T Investments. “We looked for a company that could bridge
the gap between the virtual world of the Internet and the real-world of retail
sales. CoolSavings does this extremely well.”
Launched in March 1997, CoolSavings clients include more than 30 national
advertisers such as J.C. Penney, Kmart, Alamo Rent A Car, Barnes & Noble,
Chuck E Cheese’s, Pearle Vision, Sears, ServiceMaster, Fashion Bug,
Blockbuster Video, McDonald’s, Kinney Shoes, United Airlines, Norwegian Cruise
Line, Choice Hotels and Domino’s Pizza.
CoolSavings claims more than 1.1 million registered shoppers and is projected
to grow to more than 2.0 million shoppers by September. The site receives
nearly 1.3 million unique visits each month and is growing at a rate of three
to four thousand shopper registrations each day, the company said.
