The Korea-based mobile company has acquired PriceArea for an undisclosed seven-figure amount; going forward the site to focus on mobile
Acquisitions of Asian companies to expand current modus operandi in the region are getting commonplace these days; see Alibaba and Zendesk for recent proof. Now you can add Yello Mobile to that list of companies in a buying fervour.
The Korea-based mobile media company recently bought Indonesian price comparison site PriceArea (via Tech in Asia). Not only will Yello Mobile expand into Indonesia, it will also take a majority stake in PriceAsia.
The sum is said to be seven figures in US dollars, though PriceArea and investors GREE Ventures and East Ventures declined to reveal more. It should be noted that East Ventures invests in both, PriceArea and Tech in Asia.
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Yello Mobile Chief International Operations Hugo Choi said that the company sees great potential in the Indonesian company in terms of user base and business model. “This marks the first step in our expansion into Southeast Asia, which reflects our strategic priorities to accelerate growth and diversify our activities through mergers and acquisitions of startups across countries in the region,” he said.
PriceArea’s CEO Andry Suhaili said that the company’s future after the buyout will focus on mobile and regional, “Through mobile, [the company] can fully leverage its services and [generate] revenues.” Suhaili said to e27 that the company will expand to Thailand, Philippines and Singapore this year following the buyout.
Yello Mobile offers mobile and internet services and apps throughout Asia Pacific and currently has 10 million monthly active users. PriceArea currently has about 1.4 million online visits per month and had 12 million visits last year.
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