Why Is Groupon Inc (NASDAQ:GRPN) Upgrading Its Engineering Team?
Groupon Inc (NASDAQ:GRPN) is adding some muscle to its technical team with three West Coast hires. Brian McCallister has been hired as the Chief technology Officer of the platform division. Stephen Deasy has been hired as the President of Infrastructure & Data Platform and Pete Webb will be the Vice-President of Global Production Operations. In April, the company had hired Sri Viswanath, as the Senior Vice-President of Engineering & Operations. He as well as the three latest entrants worked with VMware Inc, the clod software maker and a company that Marc Andreesen, Ning. All of them will be based at the Palo Alto, CA office which is where a large part of
the company’s technical operations are.
In Thursday’s trading, Groupon Inc (NASDAQ:GRPN) rose by 8.19%. The opening price of the shares was $10.60, which climbed to an intraday high of $11.11 and dipped to a close of $11.10. Approximately 26.13 million shares were traded on Thursday while an average volume of 22.68 million shares were traded over a 30 day period. The 52-week low of Groupon Inc (NASDAQ:GRPN) shares is $2.60 and its 52-week high is $12.76. The company has a market capitalization of $7.39 billion.
About the company
Groupon Inc (NASDAQ:GRPN) is a local Ecommerce market-place. It connects thousands of merchants to various consumers by offering services and goods at a discount. Every day, Groupon Inc (NASDAQ:GRPN) e-mails all its subscribers numerous discounted-offers for services and goods that are targeted on the basis of personal preferences and location. Consumers are able to access these deals via its mobile apps and Websites too.
Groupon Inc (NASDAQ:GRPN) operates in two business segments: 1) North America, – this represents the U.S and Canada; and 2) International- This represents the rest of the company’s global operations. Its customers buy Groupons from the site and these are then redeemed at merchants.