SK Planet, the mobile online service subsidiary of telecommunications network SK Telecom, has acquired Shopkick, the US-based developer of a shopping rewards app, for $200m.
The purchase allowed Citi Growth Ventures & Innovation Group, a corporate venturing subsidiary of financial services firm Citi, to exit Shopkick.
Citi Ventures was an early investor in Shopkick, which raised $20m in 2009 and 2010 from an investor base also including Simon Venture Group, a subsidiary of property developer Simon, VC firms Kleiner Perkins Caufield & Byers, SV Angel and Greylock Partners, and angel investor Reid Hoffman.
Shopkick will continue to operate as an independent subsidiary of SK Planet, which already runs OKcashbag, the shopping rewards progamme it claims is the most successful in South Korea.
SK Planet CEO Jinwoo So said: “The acquisition of shopkick will create the key platform of SK planet’s US mobile commerce business, and also expand our global market position.
“Shopkick’s dominant leadership position in mobile shopping in the US combined with our depth of business assets will allow us to build the best shopping products across the globe. Together, we will expand well beyond mobile, connecting online and offline shopping experiences in unprecedented ways.”
– Photo courtesy of Shopkick