Migme acquires Indonesia’s Shopdeca in $710k deal

Visual of migme portal. April 2016.

Singapore-headquartered and ASX-listed global digital media company migme Ltd has acquired Indonesian e-commerce business Shopdeca for a cash consideration of $710,000.

The ASX-listed firm describes itself a global digital media company focused on emerging markets with services delivered through mobile apps migme and LoveByte, artist management website alivenotdead, social news site Hipwee and e-commerce services Sold and Shopdeca.

The transaction involved the issue of a placement of 884,270 fully paid ordinary shares to the vendors of Shopdeca. Of these shares, 123,608 shares will be held in voluntary escrow for the period ending 1 April 2017 and 760,662 shares will be held in voluntary escrow for the period ending 1 October 2016.  

The Shopdeca acquisition will fuel its expansion into social e-commerce across South East Asia (SEA). Social e-commerce is a key component in migme’s business strategy for building a platform business for SEA.

Migme CEO Steven Goh said, “Platforms are the next generation of online business. The fastest growing and most disruptive companies in history — Google, Amazon, Facebook, Uber, AirBnb and eBay— are platform businesses. migme is building a platform business focused on social engagement and interactions that can be monetised.”

Goh added, “We are building our platform specifically for the next half of the world coming online through low-cost smartphones, primarily in South East Asia. The Shopdeca acquisition helps us bolster the social e-commerce element of our platform.”

Also Read: AUS-listed Migme raises $10m in placement, to bolster presence in Indonesia, Philippines & India

migme enters e-commerce, buys Sold.sg

With a rapidly growing e-commerce market in Southeast Asia estimated by a Bain & Company report to be growing rapidly in Southeast Asia, with an online retail market currently valued at $6 billion and projected to grow to $70 billion by 2020, social media has emerged as a highly influential tool.

According to the report, many contemporary users deploy social media as a tool for evaluating and assessing a brand, as well as building trust and connecting with sellers. The acquisition of the Indonesian e-commerce firm will see Migme leveraging its social user community and platform partners to grow user engagement and revenues for the ecommerce business.

Shopdeca founder Andreas Thamrin will be joining Migme as global head of e-commerce, leading global expansion while Migme concurrently extends its current pay-to-bid (via Sold) and B2C (business-to-consumer) (via Shopdeca) commerce operations, in order for them to add a C2C (consumer-to-consumer) social marketplace and B2C2C (business-to-consumer-to-consumer) affiliate sales program.

This Shopdeca deal follows the acquisition of social news site Hipwee in January 2016, in addition to a strategic partnership formed with photo and video mobile application developer Meitu in March 2016. 

With the completion of a online payments partnership with Paytm, India’s largest mobile payment and ecommerce platform, processing over 10 million transactions per month with their digital wallet. migme users are now enabled on Paytm’s digital wallet, joining over 15 million active wallet users. migme users will be able to shop through ‘Pay with Paytm’ channels at more than 1,500 leading merchants and via other platforms including web, mobile, apps, SMS and IV. 

 Payments to add money to the digital wallet are accepted via internet banking, credit/debit/cash cards and Paytm cash.

Also Read: Exclusive: Jaipur-based Blue Box Media raises angel funding

Singapore digital media firm migme raises $5m from photo editing app partner Meitu

VC Dealbook: Migme acquires 2 Indonesian ventures; SK Group launches $25m agribusiness fund

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.