"Our country needs more companies like a LivingSocial," says Steve Case, chairman and CEO of Revolution, about the e-commerce site, known for its daily deals. Revolution Ventures, its venture arm, invests in LivingSocial, one of Groupon Inc.'s biggest competitors. When asked if he was concerned about LivingSocial's profitability and sustainability, Case says he's "very optimistic." Case, who rose to prominence as a co-founder of AOL, is also optimistic about social commerce in general. Says Case, we're "in the early stage of the evolution of this whole social commerce space. Companies like Amazon were the first generation of e-commerce. Companies like LivingSocial are the second generation." For more from Steve Case, watch "Steve Case: Entrepreneurship 'made America great.' " - Katie Roof
Cleary Gottlieb Steen & Hamilton LLP adds Bernd Langeheine, former deputy director general for mergers of the European Commission's Directorate General for Competition. For other updates launch today's Movers & shakers slideshow.
The fusion between the two competitors reflects an austerity drive by oilfield services providers' clients because of a steep slide in oil prices, which has prompted their suppliers to seek mergers or auction assets. More video