To play off its leading online brand, Austin-based WhaleShark Media Inc. is renaming itself RetailMeNot, Inc., the company says.
The move is an effort to align the company's corporate name with its biggest brand, said Brian Hoyt, the company's head of communications.
"I think it's become clear through the last several years, RetailMeNot has become the leading online coupon site in the U.S. and as we continue our expansion internationally and grow, it made sense for us to lead with our main brand ... in terms of making that our corporate brand as well," Hoyt said.
Founded in 2009 as WhaleShark, the company became the world's leading online marketplace for coupon and consumer deals, mainly by buying smaller websites. The company in 2010 purchased RetailMeNot, an Australian company that runs one of the top coupon sites in the world.
"Since we acquired RetailMeNot.com in 2010, we have grown it into the leading online coupon website in the U.S. and the flagship site within our international portfolio," Cotter Cunningham, CEO and founder of RetailMeNot, said in a news release.
RetailMeNot's sites also include Deals2Buy.com and CouponShare.com.
Its model differs from daily deal sites such as Groupon and Living Social, which offer steep discounts on local, once-a-day deals.
RetailMeNot's main customers are large companies such as Macy's, Dell Inc. and Walmart, and deals often entail free shipping or $5 or $10 off a purchase. The company generates revenue through advertising on its sites and through commissions from merchants.
In November 2011, RetailMeNot raised $150 million to expand its online network of coupon and deal websites, pushing the company's total venture capital haul at that time to $300 million. Its investors include Austin Ventures, Adams Venture Partners, Google Ventures, J.P. Morgan Asset Management and Institutional Venture Partners.
Last year, the company had more than 450 million visits to its sites and generated more than $140 million in revenue. RetailMeNot employs more than 220 people locally, Hoyt said.
RetailMeNot is also making forays into Europe. It owns the leading coupon site in the U.K., according to the company, as well as sites in France and Germany. It will also be announcing a foray into another European country this week, Hoyt said.
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