Coupons.comThirteen-year old company recently secured $200 million on its initial investment involving institutional investors.

The investment has also given the company a $1 billion appraisal. This information comes from a source who has direct knowledge of the deal.’s recent valuation is now the latest in a series of private IT companies that have raised their valuation to billions of dollars.

According to CEO Steven Boal, has never been the conventional IT company. He also added that for the 13 years that the company has been operating, it has always tried to avoid the spotlight.

Unlike other companies like Square Inc. and Airbnb Inc. who are also in the process of raising their valuations to $1 billion, is not focused on creating a new concept or a radical technology. The company runs a website that allows consumers to print coupons that are offered on the site. It also endorses various discounts via mobile promotions and loyalty cards.

Among the company’s clients include Clorox, Kmart, General Mills and Walgreens. These company’s are all helping achieve a $100 million revenue for the year 2011, which is double the revenue that it achieved in 2010.

Since the company was launched in 1998, has increased its coupon redemption by 10% this year. CEO Boal said that the company’s goal is to get the remaining 90% of coupon redemptions, which is currently handled by direct mail and newspapers. Boal also added that as more coupons are converted into digital form, the company aims to give customers the option of redeeming coupons through their cellular phones, a goal they aim to achieve in five years’ time.