The announcement of Ticket Monster’s first overseas acquisition was made on Tuesday, May 31, with Ticket Monster CEO Daniel Shin planning further expansion in the South East Asian region. “We want to aggressively grow internationally,” he said during the announcement, adding that he hoped to make acquisitions or open up branch operations in Singapore, Vietnam, the Philippines, and Japan within the year.
This deal would allow Ticket Monster to take control of Everyday.com.my, which Ticket Monster said aims to generate revenue of $12 million this year, according to the Wall Street Journal. Ticket Monster’s business grew from $18,000 revenue in May last year to an astonishing $20 million this May.
According to the site, Everyday.com.my has an e-mail reader base of about 200,000 readers per month since it started operations in June 2010. Currently, the site lists deals based in the country’s capital city Kuala Lumpur, as well as Penang and Johor Baru, with Ipoh and Singapore listed as areas to which deals are “coming soon”. The company has already posted a job listing for a Head of Internet Marketing who will be charged with growing its business in Malaysia.
This marks the second acquisition of a Malaysia-based group-buying site by a foreign company after Groupon acquired GroupsMore for an undisclosed sum in January this year. In our interview with Groupon Malaysia’s CEO Joel Neoh, he said that Malaysia could only have a total of three major players in this group-buying space, with a required “critical mass” subscriber base of about 200,000 to 400,000 to succeed. This, he admits, is not an easy task in Malaysia because of several factors including messy payment gateways.
The Malaysian group-buying scene mushroomed last year with several dozen Groupon clones (some of them listed here) launching. With Groupon and Ticket Monster throwing their weight in a head-to-head contest in Malaysia, it’ll be interesting to see who can scrap it to occupy the final third spot.
Link to full article
No comments:
Post a Comment