Singapore-based and ASX-listed social entertainment platform migme announced its entry into the e-commerce space with the acquisition of currently defunct online penny auction site Sold.sg from its parent company Soldgers Pte Ltd.
Sold.sg comprises two main assets: a pay-to-bid auction site and an e-commerce site. It worked by having users buy tokens with real money and then bid those tokens on a variety of goods.
The company started out well and proved to be popular for a time but had to be shut down due to a lack of positive growth. Until now, it would seem.
“The e-commerce sector is now growing quickly in emerging markets and evolving in developed ones, and this acquisition broadens the service profile of our platform to take advantage of the upside that this sector growth brings,” said Steven Goh, Chief Executive Officer,migme.
“In our view, the key to the incredible success of Taobao, one of Alibaba’s key e-commerce assets, was its social experience. Over the current year, we’ll be looking to replicate some of that success by bringing a playful social e-commerce experience to migme’s platform and growing user base,” he added.
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migme intends to fully integrate Sold.sg into its existing service, which has grown to include a gaming platform and an app development platform, to name a few.
“This acquisition broadens our service beyond virtual gifts and games, and includes working with our distribution partners, integration with migme’s games and applications platforms, and with our media partners and verified artists, to create new and innovative, valuable experiences for their communities,” said Goh.
Sold.sg will be re-launched by migme in February. The service will be progressively integrated with the migme platform and expanded into key markets during the year.
The terms of the acquisition of Sold.sg are commercial in confidence and are for a nominal mixture of cash and shares.
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