SYS-CON MEDIA Authors: Kevin Benedict, Jason Bloomberg, David H Deans, RealWire News Distribution, Gilad Parann-Nissany

News Feed Item

LivingSocial Sells Southeast Asia Business to iBuy Group for $18.5 Million

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.

About LivingSocial

For more about LivingSocial, connect with us at livingsocial.com, on our blog, or on Facebook, Twitter, or YouTube.

All trademarks are the property of their respective owners

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.