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.
Ensogo, now part of LivingSocial offers daily deals and discounts on products, food and destinations in Thailand, Philippines and Indonesia.
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