Tag: Acquisition

Singapore – Cloud communications provider Toku has announced its intent to acquire Singapore-based AI-powered conversational customer experience (CX) platform, AiChat, to support its vision of delivering a 360-degree CX platform tailored for APAC organisations.

Through this acquisition, Toku will gain AiChat’s industry-leading chatbot and messaging capabilities. When combined with Toku’s existing voice, messaging, and cloud communications suite, customers will benefit from a single, integrated platform to power their entire CX journey.

Once finalised, the acquisition will bolster Toku’s standing as a full-service CX technology firm, empowering the company to realise its goal of delivering seamless, personalised customer engagement across all channels.

The enhanced capabilities and synergies resulting from the collaboration between the two companies are projected to have an anticipated 50% revenue growth within the first twelve months.

By joining forces, Toku and AiChat will offer enterprise clients a single view of their customers with insights drawn from conversations across all channels, faster resolution of issues through seamless hand-offs between chat, voice, and other channels, and more personalised experiences tailored to individual customers at every step of their journey.

Besides integrating into Toku’s offerings, AiChat will maintain its status as a standalone product, catering to customers who favour a single, streamlined solution that delivers the best-in-class AI-powered conversational experience.

Toku’s acquisition of AiChat will mark the company’s second M&A activity in two consecutive years, following its acquisition of customer engagement firm Activeo Singapore in 2023, a strong testament to its solid business fundamentals and consistent upward growth trajectory.

As of now, no financial terms of the acquisition have been disclosed. However, the transaction is expected to close by Q3 2024.

AiChat employees will begin moving into Toku’s offices as part of the integration, bringing the company’s total strength to 160 dedicated CX professionals. Similar to last year’s acquisition of Activeo, no staff redundancies are expected from the acquisition; both companies are on a path to profitability and expect to tap into each other’s complementary strengths and talents to accelerate growth post-acquisition.

AiChat currently serves a variety of customers in multiple verticals across Southeast Asia, including Bayer, Marina Bay Sands, M1, Petron, Thomson Medical, and UPS.

Speaking on the acquisition, Thomas Laboulle, founder and CEO of Toku, said, “The acquisition of AiChat is a natural next step in our mission to be Asia Pacific’s leading customer experience platform. Both companies share a vision of using AI to enhance customer interactions and improve contact centre operations. Together, we can deliver even more value to our customers through a unified set of omnichannel solutions.”

Brendon Blacker, managing partner of Delivery Hero Ventures, also commented, “As a major strategic investor in Toku, we enthusiastically welcome the acquisition of AiChat. This move is a strategic enhancement to Toku’s portfolio, positioning it as an innovator in the region’s CX industry. AiChat’s expertise in conversational AI and regional insights, combined with Toku’s advanced cloud contact centre solutions, effectively amplifies their unique competitive advantages and signals a deliberate step towards expanding and solidifying their leadership in the market.”

Meanwhile, Kester Poh, founder and CEO of AiChat, said, “We are excited to join Toku. Toku’s commitment to CX excellence mirrors our values, making this acquisition a strategic and natural alignment. This partnership is a key milestone for us, revealing significant opportunities for synergy and growth as leading CX providers in APAC. Together, we aim to simplify customer operations, offering a unified platform for efficient and effective customer experience management.”

Australia – Global visual communication platform Canva has announced the acquisition of design platform Affinity. The acquisition significantly bolsters Canva’s vision to build the world’s most comprehensive suite of visual communication tools. 

While the last decade has seen rapid growth for Canva amongst a large chunk of knowledge workers without design training, the integration of Affinity’s professional design software now unlocks the full spectrum of designers at every level and stage of the design journey.

Moreover, as visual communication becomes the status quo in teams and organisations around the world, the acquisition also accelerates Canva’s enterprise ambitions, unlocking a future where professional designers can craft designs and templates with Affinity to scale across organizations with Canva.

Designed for the latest hardware and packed with features to simplify real-life professional workflows, Affinity’s all-inclusive photo editing, graphic design and desktop publishing products serve as a powerful, cost effective and subscription-free solution for photographers and designers requiring versatility and precision. 

Canva will continue to invest in the Affinity suite to ensure it not only meets the needs of professional designers, but also enhances their experiences and empowers them to do their best work. Together, Canva and Affinity will be a powerhouse combination built to supercharge the goals of every type of designer.

Cliff Obrecht, co-founder and COO at Canva, said, “Visual communication is now ubiquitous in the workplace and investing in strategies that enhance our B2B offerings is core to the future of our business. From sales and marketing to brand and creative teams, the need to create effective and engaging visual content is on the rise. The Affinity team comes with an incredible caliber of talent and technology, and we’re delighted to welcome them to Canva as we enter our next phase together.”

Meanwhile, Ashley Hewson, CEO of Affinity, commented, “Since the inception of Affinity, our mission has been to empower creatives with tools that unleash their full potential, fostering a community where innovation and artistry flourish. We’ve worked tirelessly to challenge the status quo, delivering professional-grade creative software that is both accessible and affordable. Canva’s commitment to empowering everyone to create aligns perfectly with those values. We couldn’t be more excited about becoming part of the Canva family and can’t wait to see what we will achieve together.”

Vancouver, Canada – Global social media management company Hootsuite has announced that it is set to acquire Talkwalker, an AI-powered social listening solutions company. 

By acquiring Talkwalker, Hootsuite aims to help marketers unlock the value of social media relationships by having a combined social media engine that can turn insights into action into impact—all fueled by AI.

Moreover, its clients can expect having predictive analytics and social intelligence that can give forward-looking insights to get a head-start on a cultural trend before it starts and get a brand noticed in the larger conversation.

In addition, the combined capabilities of both companies will drive more qualified leads into a seller’s funnel from social through a deeper understanding of audience intent, as well as offer comprehensive reach across more than 100 social networks and 150 million websites.

Irina Novoselsky, CEO of Hootsuite, said, “We have had listening for years. But it was industry standard, just like everyone else’s. While that worked then, the industry is entering a new era of social media performance. To achieve this, we’re building a social media performance engine, a feedback loop where AI takes consumer data and generates insights for actionable strategies and measurable impact. The combination of social listening’s best insights technology, Talkwalker, brought into Hootsuite, will leapfrog the industry into the future of social marketing.”

Meanwhile, Lokdeep Singh, chief executive at Talkwalker, commented, “I am confident that this acquisition marks a significant milestone not just for Talkwalker, but for Luxembourg as well. It’s proof of the immense potential this vibrant ecosystem holds for nurturing and scaling startups into global tech leaders. Together with Hootsuite, we’ll continue to harness Luxembourg’s dynamic environment, propelling innovation, driving growth, and serving our customers, as we shape the future of social analytics and performance on a global scale.”

Manila, Philippines – Local property development firm MRC Allied has announced that it will be purchasing a majority stake at Rappler Holdings Corporation (RHC), the principal owner of digital news organisation Rappler.

In a stock filing by the company dated April 4, MRC Allied said that it will purchase the 31.20% ownership interest from venture capital holding firm Dolphin Fire Group. With this, MRC Allied will become RHC’s largest stakeholder.

According to MRC Allied, the majority stake purchase will allow to expand to a growing local digital online platform industry.

The rest of RHC’s ownership falls under co-founder and CEO Maria Ressa (23.77%), tech incubator Hatchd Group (17.86%), angel investor Benjamin So (17.86%) as well as other minority stake holders.

Rappler’s ownership came under fire back in 2022 when the country’s Securities and Exchange Commission (SEC) ordered the platform to shut down due to “violation of constitutional and statutory restrictions on foreign ownership in mass media.” 

It is worth noting that SEC previously stated that the news organisation violated the constitutional and statutory foreign equity restrictions in mass media when it issued Philippine Depositary Receipts (PDRs) that granted Omidyar Network, a foreign entity, control over the media organisation.

Singapore – Yahoo has announced the acquisition of Artifact, an AI-driven news aggregation and discovery platform. 

Yahoo completed the acquisition of Artifact on March 29, 2024 with co-founders CEO Kevin Systrom and CTO Mike Krieger, working as advisors for Yahoo during the transition.

In line with this, Artifact will no longer operate as a stand-alone application. In the following months, its in-house AI-powered customization algorithms and other features will be integrated into Yahoo’s network, which includes the Yahoo News app. 

Yahoo’s commitment to providing reliable news and information to its hundreds of millions of users globally is demonstrated by this initiative. It also advances their goal of offering a more tailored way for users to find news and information on a variety of devices. 

The AI-powered discovery engine at Artifact works by presenting information that fits users’ interests and gradually improving its comprehension of them. A tailored news feed that is pointing users toward stories they are interested in is the product of this process. 

In addition to curating material, Artifact provides a number of features that improve user experience, such as access to the most recent news, sharing options, clickbait detection tools, and more. By incorporating these features into the Yahoo portfolio, the opportunity to offer customers even more personalised and content experiences is enhanced.

Speaking about the acquisition, Kat Downs Mulder, SVP and general manager of Yahoo News, said, “Yahoo was one of the first to combine human and algorithmic curation of news. Since then, the landscape of machine learning and personalisation has changed dramatically and Artifact has innovated with best-in-class technology to meet the moment. Artifact has become a beloved product and we’re thrilled to be able to continue to grow that technology and further our mission of becoming the trusted guide to digital information and the best curator connecting people to the content that matters most to them.” 

Meanwhile, Kevin Systrom, CEO and co-founder of Artifact, stated, “We built an intuitive product experience that users love and has the opportunity to benefit millions of people. Yahoo brings the scale to help the product achieve what we envisioned while upholding the belief that connecting people to the trusted sources of news and information is as critical as ever. AI has allowed us to give users a better experience discovering great content they care about. Yahoo recognises that opportunity, and we could not be more excited to see what we’ve built live on through Yahoo News.” 

Singapore – The Carousell Group, a multi-category secondhand goods marketplace in Greater Southeast Asia, has completed the acquisition of LuxLexicon, a Singapore-based luxury bag reseller and accredited luxury consignment platform. This effort intends to strengthen the group’s luxury category by pursuing an omnichannel approach and expanding its premium luxury goods. 

The Carousell Group has purchased LuxLexicon’s company and assets in order to add LuxLexicon’s brand, large inventory of premium luxury bags for consignment and resale, and knowledge of offline retail to its portfolio. With this acquisition, LuxLexicon will be able to take advantage of Carousell Group’s expertise in international expansion and online recommerce, which will lead to further growth. Under Florence Low’s direction, LuxLexicon will continue to exist as a stand-alone business, keeping its name, staff, and retail location.

To encourage more consumers to use secondhand choices, the group launched initiatives in 2023 to improve convenience and trust in the purchase and sale of authenticated luxury bags. Carousell Certified Luxury is one such program that gives customers the assurance to buy verified luxury handbags. Since its launch, leads from the Sell to Carousell Luxury program—which allows users to sell or consign their bags directly to Carousell—have increased , more than doubling. 

Speaking about the acquisition, Marcus Tan, co-founder of Carousell Group, expressed, “We are excited to partner with Florence and the LuxLexicon team to accelerate our ambition of creating the largest managed marketplace for authenticated second hand luxury bags where users can buy and sell with trust and convenience. We originally met Florence to partner with LuxLexicon for our Carousell Certified Luxury programme. After conversations, we realised that we had a similar vision, and by joining forces with LuxLexicon’s expertise, we could help each other supercharge our luxury bag business in Southeast Asia, Hong Kong and Taiwan over the next few years.” 

He added, “We have been strengthening our recommerce foundations to drive our multi-category approach on our top growth categories. Part of these efforts were acquisitions for fashion, mobiles and autos over the years, and we are thankful to have these founders not only continue to partner with us to drive our mission, but also lend their expertise to the wider Carousell Group’s businesses over the years. Beyond growing organically as a top priority, we will continue to seek acquisition opportunities with the right partners across our focus categories and markets to accelerate the future of secondhand in Greater Southeast Asia.”

Meanwhile, Florence Low, founder of LuxLexicon, said, “LuxLexicon and Carousell Group share a common goal of providing a trusted and accessible platform for buying and selling authenticated luxury bags. Additionally, we both see similar strong consumer demand for popular brands such as Hermès, CHANEL and Louis Vuitton. This acquisition allows us to offer more variety of bags and recommend interested consumers to each other. I am excited to further grow the brand with Carousell Group’s scale, investment and regional expertise in the coming years and beyond.”

California, USA – Sensor Tower, a data provider for the digital economy, announced today the acquisition of market intelligence platform data.ai. This strategic move allows Sensor Tower to broaden its reach and develop marketing intelligence solutions. 

With the acquisition of data.ai, Sensor Tower has taken a step forward by expanding its clientele to include companies like Microsoft, Sky, and Bandai Namco, all of which make use of data.ai’s mobile app intelligence solutions. This move strengthens Sensor Tower’s standing as a supplier for investors, top brands, agencies, and gaming publishers. It is also a crucial step toward extending its reach throughout the Asia-Pacific area and partnering with more Fortune 500 organisations.

In this transaction, Simpson Thacher & Bartlett LLP provided legal guidance to Sensor Tower, and William Blair & Company, LLC acted as the financial advisor.

Speaking about the acquisition, Oliver Yeh, CEO of Sensor Tower, said, “Today we celebrate the beginning of a new and exciting chapter, not only for Sensor Tower, but for the digital marketing and mobile app intelligence industry. We have long admired data.ai’s stellar product and high-quality team. The acquisition will allow Sensor Tower to broaden its audience and expand its best in class offerings to any company that participates in the digital economy – helping bridge the gap between companies and consumers.” 

Meanwhile, Ted Krantz, CEO at data.ai., stated, “Since 2010, data.ai has helped some of the finest brands and publishers globally to optimise their mobile performance. This evolution offers the best path to innovation, more insights across more channels, and ultimately, more value derived by clients.”

Jeff Parks, co-founder & managing partner, Riverwood Capital and member of Sensor Tower’s board of directors, expressed, “We were excited to invest behind Oliver and the team in 2020 and continue to be impressed by Sensor Tower as they shape the future of how intelligence solutions can be used to make strategic decisions. We believe the combined company is now the gold standard for how data can deliver value to customers seeking to better understand and participate in the digital economy.” 

Ramesh Venugopal, partner at Riverwood Capital and member of Sensor Tower’s board of directors, also added, “The trend of companies actively pursuing a holistic understanding of a consumer’s digital footprint has been a vision we have shared with the Sensor Tower team since day one. It has been incredible to see this pattern continue to emerge as more companies embrace a sophisticated multi-channel market intelligence approach.” 

Furthermore, Chunsoo Kim, managing partner at Paramark Ventures, said, “This merger isn’t just about scaling Sensor Tower’s global presence – it’s about amplifying the impact on the entire marketing industry’s ability to measure the digital economy, which the combination of these two entities now have made possible through deeper insights and improved product experience. We’re especially thrilled to support the team as they delve deeper into the dynamic APAC market, where the digital economy is booming.” 

Lastly, David Healey, director at Bain Capital Credit, commented, “Riverwood and the Sensor Tower team have built an excellent business with unique technology, and we’re thrilled to be partnering with them to support the acquisition and the company’s next phase of growth.” 

Singapore – AI digital behaviour aggregator SQREEM Technologies has announced it has acquired Melbourne-founded programmatic business Trade Indy to bolster their ongoing global expansion plans. 

SQREEM Technologies’ acquisition of Trade Indy plays a pivotal role in transforming the digital marketplace, enabling marketers to engage in the cookie-free future. 

The acquisition creates an innovative offering that will establish the company’s position as a global AI partnership provider. For both agencies and clients, the acquisition will enable brands to pinpoint and showcase their target audiences with unparalleled accuracy, fostering enduring digital connections, amplifying brand influence, and ensuring budget accountability.

Furthermore, Mark Rosenberg and James Robertson, directors at Trade Indy, see this acquisition as a logical evolution, as both entities align in their commitment to delivering top-tier technology and customer service. Joining forces with SQREEM grants Trade Indy access to the most extensive audience taxonomy globally, complemented by its vast network for activation and supply.

The acquisition commenced immediately, with Trade Indy now integrated into the SQREEM Technologies Group. 

Rosenberg commented, “The agreement to merge with SQREEM expands both business offerings by bringing together our experienced managed service team with advanced, cookieless, AI-driven technology. This move into the SQREEM group is an exciting growth opportunity at a time when the market is demanding next-generation digital media solutions.” 

“We are excited to see this relationship expand our horizons and provide us with not only the resources to maintain growth but also to introduce the SQREEM platform to other agencies and brands across the region,” Robertson further added. 

Meanwhile, Ian Chapman Banks, CEO of SQREEM Technologies, said, “As part of our ongoing growth strategy, SQREEM Technologies has grown significantly over the past two years alone, with acquisitions and partnerships in more than 10 markets globally. The Trade Indy acquisition is significant in that it simultaneously puts SQREEM into the global A-League of AI Innovators, but domestically, whilst Australia currently ranks 15th out of 62 countries across the world for AI adoption, this presents a unique opportunity for early adopters like SQREEM and Trade Indy to drive significant growth for their clients whilst expanding their global reach and relevance.” 

Singapore – Southeast Asian used car platform Carro has announced its acquisition of Beyond Cars, effectively expanding its reach towards the Hong Kong market. 

With Hong Kong under its belt, Carro is now present in a total of 7 markets, including Singapore, Malaysia, Indonesia, Thailand, Japan, and Taiwan.

Through this partnership, Carro will be working towards expanding Beyond Cars’ network of partnerships, and further develop ancillary services across insurtech, financing and aftersales in Hong Kong.

Furthermore, the Beyond Cars team will continue to helm the business in Hong Kong, and will integrate Carro’s data-driven platform and its full-suite tech, including proprietary technologies and AI capabilities across pricing, inventory management, and inspection process.

Talking about the acquisition, Aaron Tan, Carro co-founder and Group CEO, said, “We have our sights set on big things in Hong Kong – beyond buying and selling cars. With Carro’s strong expertise in automotive technology and Beyond Cars’ wide network and trusted reputation in Hong Kong, I have no doubt that we can scale operations and take the brand to new heights.”

Meanwhile, Garry Yu, co-founder and CEO of Beyond Cars, commented, “Since our launch in 2016, our mission has always been to give our customers a seamless and transparent car-buying and selling experience. With Carro in the mix, I am sure we’ll be able to transform Hong Kong’s used car market and become the number 1 choice for customers in their used car ownership journey.”

Manila, Philippines – Holding company Aboitiz Equity Ventures (ABV) and Coca-Cola Europacific Partners (CCEP) have officially completed the acquisition of Coca-Cola Beverages Philippines (CCBP), following subsequent announcements made by the two companies in August and November 2023, as well as in January this year.

Through the acquisition, CCEP and ABV will be managing a 60-40 ownership structure of CCBP, with CCBP confirmed to be valued at US$1.8b on a debt-free, cash-free basis. Additionally, the shareholders’ agreement between CCEP and AEV with comprehensive governance terms will take effect at the official closing. Both companies have said that the acquisition has been cleared by the Philippine Competition Commission (PCC).

“The acquisition would build on AEV’s portfolio diversification into the branded consumer goods space. AEV is well-positioned to support CCBPI’s growth ambition through the synergies which could be generated from AEV’s other business interests in the country,” AEV said in a press statement.

Said acquisition also aligns with CCEP’s expansion into Australia, Pacific & Indonesia (API) which began in 2021.

It should be recalled that The Coca-Cola Company acquired Coca-Cola Beverages Philippines from San Miguel Corporation back in 2007 for US$590m. Through the acquisition back then, The Coca-Cola Company has acquired San Miguel’s 65% shareholding in Coca-Cola Bottlers Philippines.