DealMates acquires I Love Discounts
By Digital News Asia April 22, 2013
- Agreement sees Dealmates boosting members to a total of 750,000
- Deal signed in Feb; new, upgraded I Love Discounts website launched April 1
It would also provide I Love Discounts members with an upgraded site that focuses on online product flash sales, and new and better deals, Dealmates said in a statement.
I Love Discounts was founded at the tail end of 2010 by partners Edwin Koh, Andy Teh, Davie Saw and Desmund Hang, as Ilovediscounts.my under Aeterno Sdn Bhd.
As the online group buying industry boomed in early 2011, I Love Discounts saw significant growth and became one of the leaders in the group buying space, marketing deals focused on the travel and leisure, health and beauty, and food and beverage sectors, Dealmates said, without disclosing actual figures.
The acquisition was seen as an opportunity to grow Dealmates’ market share quickly and effectively, it said.
Dealmates owns the online flash sales site Dealmates.com and the online parenting flash sale GoMummy.my.
“Dealmates is always on the lookout for ways to increase its market share in a growing and aggressive online e-commerce space,” said Dealmates chief executive officer Ben Cadman.
“Partnering with I Love Discounts has enabled us to market our amazing everyday deals to a larger audience, quickly and more efficiently. We are already experiencing amazing growth and these types of strategic acquisitions will super- charge that growth,” he claimed.
Cadman (pic) said with the launch of the new I Love Discounts website, he is confident that the discount website will see a “100% jump in revenue beginning this April 2013.”
I Love Discounts' current forecast revenue is an estimated RM7 million (US$2.3 million) by the end of 2013 while Dealmates.com is forecast to generate revenue amounting to RM30 million (US$9.9 million).
The agreement was signed between both parties in February 2013 and the new, upgraded I Love Discounts website was launched on April 1.
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