Malaysia-based Dealmates claims to be Malaysia’s top flash sales site. The acquisition, which was concluded back in February, will see the launch of a revamped I Love Discounts website. Through the acquisition too, Dealmates will be adding a database of 250,000 new members to its existing 500,000 members.
“Dealmates is always on the lookout for ways to increase its market share in a growing and aggressive online e-commerce space. Partnering with I Love Discounts has enabled us to market our amazing everyday deals to a larger audience, quickly and more efficiently. We are already experiencing amazing growth and these types of strategic acquisitions will supercharge that growth.” – Ben Cadman, Dealmates CEO
According to DigitalNewsAsia, I Love Discounts’ current forecast revenue is an estimated MYR7 million (US$2.3 million) by the end of 2013 while Dealmates.com is forecast to generate revenue amounting to MYR30 million (US$9.8 million).
While we are seeing signs of consolidation among flash sales site and deals site in Malaysia, we have not seen any similar activity in Singapore. Most recently, we only heard about All Deals Asia raising their next Series A round. Other than that, flash sales and daily deals site in Singapore have been launching their physical stores, bringing their online experience offline.