|By Business Wire||
|April 1, 2014 08:56 PM EDT||
LivingSocial today announced that it has sold its Southeast Asia businesses to iBuy Group (ASX: IBY), a leading e-commerce business in Southeast Asia, for $18.5 million in cash. This deal furthers LivingSocial’s strategy of reinvesting and focusing on its strategic growth plan.
“Our businesses have shown significant growth in the emerging e-commerce markets of Thailand, Malaysia, Indonesia, and the Philippines. However, we believe that both LivingSocial and our businesses in Southeast Asia would be better served separately, so we began the process of finding a complementary organization,” said John Bax, CFO of LivingSocial. “This sale will help us further our innovation investment, product development, and marketing in the U.S. and other regions in which we operate to best serve our merchant partners and consumers.”
Changing the Landscape
In 2013, LivingSocial announced a strategic refocusing to offer increased flexibility for merchants and a greater depth of selection for consumers. LivingSocial evolved its core platform beyond daily deals, and is making additional investments in product development and enhanced marketing capabilities. In November 2013, LivingSocial sold its Korean-based Ticket Monster (TMON) business for $260 million in cash and stock. This deal closed in January 2014.
About the Deal
Per the terms of the agreement, iBuy Group acquired Ensogo Holdings Ltd and its subsidiaries for $18.5 million in cash plus assumed liabilities. Ensogo and its subsidiaries include all of LivingSocial’s business operations in Thailand, Malaysia, Indonesia, and the Philippines.
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