Coupons Inc. acquires GroceryIQ iPhone appCoupons Inc., a digital couponing firm, has acquired the GroceryIQ application for Apple's iPhone from its publisher Free State Labs. Financial terms of the transaction were not disclosed.
The GroceryIQ application for the iPhone or iPod Touch comes preloaded with more than 130,000 products found in supermarkets across the US. The technology lets users organize their personal shopping lists by store, aisle and buying history. Coupons Inc. plans to expand the application to be available on other handheld sets including the Google Android phone.
“Over the course of the last year and a half, we have built a very robust mobile couponing service, but we did not have an iPhone application,” said Steven Boal, CEO. “The GroceryIQ application is very robust, and if we were to have designed it in-house, we would have done it the same way.”
As a part of the deal, Free State Labs, co-founder and the developer of the GroceryIQ application, has joined the Coupons Inc. firm.
Version 2 of the application with mobile coupons is in development and is slated for release at the end of the first quarter. All current users will get the upgrade for free. This will include the ability for users to download layouts of their local supermarkets based on aisle layout to help locate coupon opportunities faster.