The founders of German coupon and deals site DailyDeal have purchased their company back from Google about 17 months after the original sale.

Google acquired that Groupon-like site back in September 2011 as a way to get some daily deals traction in Europe. But as you probably know, the daily deals space has fizzled in the past year. Google laid off staff in September 2012, and reportedly planned to shutter DailyDeal entirely.

So Fabian and Ferry Heilemann, the founders of DailyDeal, stepped in to save the company from being completely shut down by making Google an offer to buy it back. Today the two posted an announcement on the DailyDeal site.

The announcement reads:

We are pleased to inform you today that we as founders and managing directors have bought the company DailyDeal back from Google and will now continue to lead it on our own. DailyDeal will of course continue to offer the same service and exciting offers –- exactly as we have done in the past.

In addition, we will expand the business in the coming months. In the name of the DailyDeal team we thank all of our users, business partners and colleagues for their loyalty and support over the last three years. We are very much looking forward to what lies ahead of us!

So what will the company do to expand? The company told Silicon Allee:

In the future, we will continue pursuing couponing as a business model and expanding our strong market position. With 31,000 deals and 4.6 million coupons sold summing up to a total value of 260 million euros, DailyDeal has evolved to a leading couponing portal in D-A-CH in the last three years. Within the last year we have grown by 25 percent compared to 2011.

Building on the existing assets (such as employees, customer base, merchant pool), we will also develop other sustainable business models. The latter will be presented to you within the next few weeks.

This is certainly an interesting turn of events for a company that was happy to sell to Google back in 2011. But even Google didn’t have an answer for the extremely problematic daily deals model.

Businessman counting pennies via igor.stevanovic/Shutterstock