Dealguru, parent company of daily deal websites Deal.com.sg and MyDEAL.com.my, has announced today that it has merged with iBuy Group Limited, which is headquartered in Singapore with operations in Malaysia and Hong Kong.
This merger follows the public listing of iBuy, which saw it raise A$37 million in an initial public offering on the Australian Securities Exchange (ASX: IBY) on December 20, 2013. Since then, iBuy’s share price has risen to A$0.375, an increase of 17.2 per cent over its issue price of A$0.32.
This latest merger is only the last of many of Dealguru’s recent developments, which has seen it acquiring and then spinning off online food delivery startup Asian Room Service, launching its second collection point in Singapore, then expanding into the e-commerce vertical, and finally investing S$1 million in peer-to-peer marketplace Duriana.
Under the terms of the merger, Dealguru Co-founder Patrick Linden will serve as the CEO of iBuy Group.
After the merger, iBuy Group will be in possession of an experienced, high performance and well-attuned team of over 300 e-commerce professionals, all operating leading deals and e-commerce businesses across Singapore, Hong Kong and Malaysia, said an official company statement.
The largest shareholders of the expanded iBuy Group are leading international investment firm Catcha Group and Germany’s Rebate Networks GmbH.
With all four deal and e-commerce sites connecting over 138 million consumers to retailers throughout Asia by providing ‘best price’ volume discounts on a wide variety of goods, iBuy Group is moving towards its aim, which is to become Asia’s leading e-commerce group.