On the back of its August deal for market analysis business LikeCube, Time Out is now hoping to reach a worldwide audience of 50 million per month.
Keynoir offers users ‘handpicked’ high-end London deals, and will operate alongside Time Out’s own daily offerings service which launched in May of this year.
In 2010, London-based founder of Time Out, Tony Elliot, sold a 50 per cent stake in the company to private equity firm Oakley Capital to raise capital to accelerate the digital drive.
E-commerce director at Time Out, Paul Shaw, says that the move to buy Keynoir marks one of a number of planned ‘product-specific’ acquisitions that are aimed at improving its position in the recommendations and bookings market.
Shaw adds: ‘This strategy is intended to strengthen Time Out’s position prior to commencing a national roll-out in 2012, bringing the best purchasing capabilities and services to our audience.’
The Keynoir team will continue to be headed up by Graeme Walker, who will in turn report to Shaw, according to a statement.
Walker comments: ‘The growth that Time Out is experiencing will introduce Keynoir to a rapidly expanding audience incredibly quickly, which is very exciting.’
