Chase Bank, a subsidiary of JPMorgan Chase & Co., acquired local offering site Bloomspot this week. The terms and amount are undisclosed, sadly, but Chase will nab both the technology and team. Bloomspot, for those unfamiliar with local deals, is similar to Groupon but not really the same thing in that the former targets their consumers more specifically. Similar to Gilt City, too, which is a touch fancier. (If Groupon is Old Navy and Gilt is Banana Republic, Bloomspot is the Gap.)

TechCrunch has more details about the technology:

On the technology side, [Jeff Kinder, President of Chase Offers] says Chase appreciated what Bloomspot had done around matching as well as the sophistication of what they’ve done around relevance, too, again going back to the team’s search backgrounds. (Company exec including Malcolmson, COO Frazier Miller, and CTO Ashish Baldua were previously at Yahoo.) But also key was that the startup had figured out a means to close the loop on offers redemption, which is really hard to do, Kinder noted.

Bloomspot’s focus on targeting and redemption previously had a direct impact on customer and merchant loyalty too. In June, the startup reported that 72% of its customers who purchase offers from its partners become repeat customers of that business and spend an average of nearly $140 above the price of the offer they purchase.

Prior to today's announcement, Bloomspot faced layoffs and cuts this year, which presumably helped make them learn toward acquisition. As TC goes on to note, "It makes sense that the company would be ready to find a more stable home within a larger organization like Chase."

[TC]