iMedia acquires 100% stake in e-commerce platform, Favful
By Digital News Asia July 22, 2021
- Acquisition marks iMedia’s first foray into social commerce
- iMedia made six acquisitions in the last 12-months
MALAYSIA’S integrated digital media group, iMedia has acquired a 100% stake in Lovelife Technologies Sdn Bhd, owner and operator of beauty e-commerce platform and marketing company, Favful.
The acquisition marks the company’s entrance into the commerce business, it said in a statement.
Following the transaction, iMedia be responsible for the acceleration of revenue for its advertising unit as well as branded content, As part of the deal, all social media assets from the company will be merged into iMedia’s ecosystem, it added.
“The company is confident that it can expand Favful’s community to become a fully integrated digital platform in the media, commerce and influencer marketing business.
“A key area of focus is to accelerate Favful’s and all of iMedia’s brands social and live commerce initiatives and expand beyond the beauty lifestyle segment,” said Voon Tze Khay, chief executive officer (CEO) and co-founder of iMedia.
“The current technology behind Favful’s platform allows it to analyse the sentiments of our users and community’s voices, giving us the opportunity to understand their interest and demand better. It will be extended to the online websites of iMedia to deliver more targeted content that is relevant to our users”, said Voon.
“Since our launch in 2016, Favful has grown into a trusted community marketplace, housing over 3,000 beauty and lifestyle influencer members,” said Sasha Tan, chief executive officer (CEO) and founder of Favful.
Tan said by integrating this reach with ITTIFY (iMedia's existing influencer agency), its combined social media audience reach is well-over 172 mil," she claimed.
iMedia has confirmed six acquisitions in the last 12-months. Aside from Favful, it has completed the acquisition of OhMedia, Ittify, Goody25, BeautifulNara and Moretify.
The iMedia network of owned and managed websites now reaches over 15 mil Malaysians every month, the company claimed.
iMedia and Rev Asia Berhad entered into a share sale agreement in September 2020 with Rev Asia Berhad (listed on Bursa Malaysia) acquiring a 100% stake in iMedia, subjected to completion and approval from regulators.
iMedia is still in the process of completing its IPO on Bursa Malaysia via the 100% acquisition by Rev Asia Berhad for approximately RM40 mil. Upon approval by regulators and shareholders, the Favful acquisition will be part of iMedia’s move to Bursa Malaysia.
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