Montreal-based startup Tuango has acquired LeRenard from Square Victoria Digital Properties. Tuango, which is the top daily deals site in Quebec, will utilize LeRenard to expand its audience reach, while Square Victoria will gain a minority stake in Tuango as well as Torstar Digital, which is a founding partner of Tuango.
"We are very happy to welcome the members and merchants of LeRenard," said Eduardo Mandri, President of Tuango.ca. "This acquisition enables us to reach a much larger audience and to source a wider variety of top quality offers for our members."
"We are delighted to be partnering with Tuango, Quebec's leading group buying company," said Pierre-Elliott Levasseur, President of Square Victoria Digital Properties. "This transaction aligns with our strategy of investing in leading companies in the digital sector. Already renowned for its quality offers and high-profile across the province, Tuango will surely benefit from the assets of LeRenard.ca to further enhance its leadership position in the market."
Tuango says that "all the coupons acquired through LeRenard will be honored by the merchants according to the established conditions." Launched in July 2010, the Montreal startup has sold over 700,000 coupons, saving consumers nearly $70 million. LeRenard was founded last year.