The "daily deals" market got a little more crowded today, when JPMorgan Chase & Co. (NYSE:JPM) announced late Thursday that its Chase Bank subsidiary has signed an agreement to buy privately-held "targeted merchant offers" company Bloomspot for an undisclosed sum.
Referring to the popularity of daily offers sites, such as Groupon (NASDAQ:GRPN) and Livingsocial, as evidence that "consumers have shown a clear interest in receiving offers from their favorite merchants," Chase says that acquiring Bloomspot gives it a chance "to bring these customers together [with the company's merchant customers] and deliver highly targeted, relevant merchant offers at scale."
Chase said it expects this acquisition to close in early 2013. Shares of the bank closed Thursday at $44.53, up 2.3%, before the news was made public.
Fool contributor Rich Smith has no positions in the stocks mentioned above. The Motley Fool owns shares of JPMorgan Chase & Co. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.