iCar Asia acquires One2Car for $14.4m

Malaysia-based automotive marketplace iCar Asia has announced that it will be acquiring Thailand’s leading vehicle classified site, One2Car, for $14.4 million. The deal includes $11.6 million of cash component while the rest ($2.8 million) will be paid by iCar Asia equity.

The deal will add 1.2 million visitors (per month) and about 1800 new car dealers to the iCar Asia’s user base. It is estimated that more than 80% of all car buyer leads to car dealers in Greater Bangkok originate at One2Car.com.

According to a statement released by the company, iCar, which is listed in Australia, has completed an institutional placement to raise approximately $21 million at price of $1.10 per new share, to fund this deal.

iCar plans to combine One2car.com with its ThaiCar.com, a automotive-related Thailand-based website, which was acquired by the company in 2013. 

According to iCar’s CEO Damon Rielly said that the acquisition of One2Car together with the company’s other existing assets in Thailand, (Autospinn.com and ThaiCar.com) has made iCar one the strongest players in the market.”

According to an official statement by the company, the acquisition is expected to be completed by mid-December 2014. With this, One2Car.com will become iCar’s sixth brand, across three ASEAN countries. The company has Carlist and LiveLifeDrive in Malaysia, ThaiCar.com and Autospinn in Thailand, and Mobil123 in Indonesia.

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.