Singapore-based data intelligence company Dataxet is acquiring Indonesian digital media monitoring startup Sonar Platform for an undisclosed amount.
Following the acquisition, Dataxet will expand its existing solution offerings by adding Sonar Platform’s analytics, influence and crisis support products. The deal follows the Singapore firm’s recent joint venture with peer Truescope Singapore to expand across the Asia Pacific.
Dataxet has also sealed a deal to acquire Malaysia’s News and Ads Monitoring (NAMA), which offers a range of media monitoring services including print and broadcast, as well as online and social media tracking.
“The strategic acquisition of Sonar Platform marks Dataxet’s progress in building its branded network of integrated data intelligence in Asia following the launch of Truescope Singapore,” said Dataxet co-founder and CEO David Liu. “Securing presence in key commercial markets across Asia is part of our plan to provide a truly ‘best-in-class’ data intelligence with localised expertise and context.”
Sonar Platform founder and CEO Amien Krisna will join Dataxet’s executive board after the acquisition.
Founded in 2015, Sonar Platform raised its latest funding in 2016 from MDI Ventures, Gunung Sewu and several strategic angel investors. Its clients include Microsoft, Grab, Huawei, and Air Asia.
For MDI Ventures, the sale of Sonar marks its first exit this year. The firm says it is working on multiple strategic deals to add to its list of exits. Last year, MDI Ventures clocked five exits as the investment period of its first fund of $100 million came to a close.
The firm is currently raising multiple parallel funds, including a growth and seed fund, which is expected to be closed soon.