Yesterday, US-based LivingSocial announced that it will be washing its hands off Southeast Asian operations, as reported by The Washington Post.
Singapore’s e-commerce business iBuy Group will be acquiring LivingSocial’s Ensogo Holdings, which handles the firm’s operations in the Philippines, Thailand, Indonesia and Malaysia, for US$18.5 million in cash.
John Bax, Chief Financial Officer, LivingSocial, told The Washington Post, “We had multiple parties approach us about Southeast Asia and in dealing with our local management there, we thought iBuy was the best fit and they produced an offer that was good for us.” The money will then be used to scale LivingSocial’s marketing and product development efforts across the globe.
This seems like a good decision for iBuy Group, who will now see a total of more than 4.1 million subscribers, according to Australian publication Proactive Investors. The article also noted that iBuy will address a bigger crowd — a combined total of 450 million people in population potentially.
For the record, LivingSocial had previously acquired and sold South Korean daily deals website Ticket Monster to discount site Groupon for US$260 in August 2011 and November 2013 respectively.
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