During the quarter, after visiting with the new CEO, we decided to reinvest in daily-deal pioneer Groupon, Inc. (GRPN) Groupon has completely reinvented its business with mobile at the core. Groupon possesses 43 million active global customers, all of whom are highly transactional, purchasing goods and services directly from merchants on Groupon's platform. Groupon has transformed its business from one dependent on e-mailed deals "pushed" to consumers to one empowering consumers to "pull" the deals of their choice from Groupon's website and mobile apps. More than 50 million people worldwide have downloaded Groupon's mobile app and over 50% of its North American transactions are now coming from mobile devices. Mobile users have a much higher propensity to transact – as they proactively go to the app and search for a deal – and are thus far more valuable to Groupon's merchant partners.
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