RetailMeNot Inc., which provides shoppers on the Web with discounts and coupons for stores, brands and restaurants has acquired Giftcard Zen Inc., a secondary marketplace for gift cards.

RetailMeNot paid $22 million in cash for Giftcard Zen, plus up to an additional $11 million in deferred compensation based on the achievement of specific performance targets and continued employment of a key employee, Giftcard Zen founder Aaron Dragushan, following the closing of the transaction on Tuesday.

Giftcard Zen will continue to operate out of Phoenix, with its existing management team reporting directly into Lou Agnese, senior vice president and general manager of RetailMeNot’s gift card business unit.

“RetailMeNot wants to be the one-stop shop for savings when a consumer shops at one of our thousands of retail partners or takes their family to a restaurant. Giftcard Zen is a great fit with RetailMeNot as its inventory of discounted gift card content will provide consumers another meaningful way for RetailMeNot to fulfill our mission to help people save money,” said Cotter Cunningham, chief executive officer and founder of RetailMeNot. “We believe this acquisition will help us accelerate our overall growth and will quickly provide a broad selection of discounted gift cards from over 700 different retailers, brands and restaurants.”

The Giftcard Zen business model involves buying gift cards from and selling gift cards to consumers and businesses at a discount to face value.

RetailMeNot estimated that about $44 billion in unused, closed loop gift cards had accumulated in the U.S. between 2008 and 2014 and could have been made available for sale on the secondary gift card market.

“Giftcard Zen shares the same mission with RetailMeNot, to help consumers save money when they shop at their favorite retailers, restaurants and brands,” Dragushan said. “I’m incredibly pleased we are joining a company and culture that values the business we’ve built over the past three and a half years.”

RetailMeNot also issued preliminary results for its first quarter ended March 31. Net income for the quarter is expected to be between a net loss of $100,000 to a net income of $100,000, including an impairment of $832,000 of unamortized internally developed software and Web site development costs.

Total revenues for the first quarter are expected to be in the range of $54 million to $54.5 million, versus guidance of $49 million to $54 million. Adjusted earnings before interest, taxes, depreciation and amortization  for the first quarter is expected to be in the range of $12 million to $12.5 million, versus guidance of $8 million to $12 million.

For the year, total net revenues for the core business are seen in the range of $228 million to $241 million, versus previous guidance of $225 million to $240 million.

RetailMeNot went public in 2013 on the Nasdaq exchange. The company has made 15 acquisitions over the last several years, primarily in the online, off-line coupon space and technology. Giftcard Zen is the first acquisition in gift card sales space.