This deal, the details of which were not disclosed, is part of Tiki’s efforts to build an “all in one” e-commerce ecosystem.
According to CEO and Founder Tran Ngoc Thai Son, this acquisition will allow Tiki to use Ticketbox’s assets and technology to better serve the Vietnamese audience and promote the national entertainment industry.
Founded in October 2013, Ticketbox has been working with various events, ranging from business events to large-scale concerts. Its notable clients include TEDx, Forbes Vietnam, YanTV, Pulse Active, Tech in Asia, Vietnamworks, Escape Music Festival, Future Now Music Festival, Disney, Hypersonic Music, Budweiser Music Festival, and so on.
Nguyen Hoang Viet, CTO of Ticketbox, said the company has been investing in Big Data and Machine Learning in order for event organisers and producers to have a deeper understanding of their audience’s interests.
“This acquisition will create a connection between Tiki and Ticketbox platforms to benefit customers. Ticketbox’ development plan also includes a social networking element for its audience to share, discuss and review events, movies,” Viet added.
Founded in 2010, Tiki is a fast-growing B2C e-commerce platform. The platform initially sold e-books, but it has since diversified to become an all-encompassing marketplace, selling goods such as toys, digital devices, lifestyle and beauty products.
In November 2017, Tiki raised US$44 million from Chinese internet giant JD.com in one of the largest deals in the Vietnam tech ecosystem. This figure was twice the amount Tiki received from Vietnamese internet group VNG in 2016 — a US$17 million funding that gave VNG a 38 per cent stake in Tiki.