Focus on continued growth in Australia and further expansion in SEA
Combines Getprice’s tech platform PricePanda’s emerging markets expertise
BERLIN-based price comparison site PricePanda, a Rocket Internet subsidiary, and Sydney-based Getprice have announced that they will merge to create a network across the Asia Pacific region, under the Next Commerce banner.
The newly created group is expected to propel growth for both parties by leveraging Getprice’s sophisticated technology platform, developed over the past 10 years, and PricePanda’s expertise in emerging markets.
Together, the businesses operate in nine countries across Asia Pacific and reach more than four million unique visitors each month, they claimed.
“Given the tremendous opportunities in the large and rapidly growing Asia Pacific market, we are excited to capitalise on the combined expertise that will enable us to pursue new initiatives in mobile, media, and launching new products and services in the region,” said PricePanda managing director Philip Wegener.
“We are convinced of the strategic benefits of this alliance, forming a strong market leader with an impressive track record both in technology and operations,” he added.
Under the umbrella of Next Commerce, PricePanda and Getprice will continue to operate as standalone brands in their respective markets.
Getprice cofounder Jared Oken will be the chief executive officer of Next Commerce. Chris Hitchen, also an original Getprice cofounder will chair the board of directors that will include Oliver Samwer from Rocket Internet.
“This merger with PricePanda lifts the growth potential of both our businesses to a completely new level,” said Oken.
“Together we will focus on both extending our lead in the Australian market as well as rapid growth in South-East Asia and other emerging markets, including significant investment in scaling our operations team in Manila and our regional sales team,” he added.
As part of this transaction, PricePanda’s existing shareholders including Tengelmann Ventures, subsidiary of the German retail giant Tengelmann, the Swedish investment company Kinnevik and the Asia Pacific Internet Group, which is Rocket Internet's joint venture with Ooredoo – formerly Qatar Telecom – in South-East Asia, have reinvested in the business to fund its further growth.
PricePanda was founded in 2012 and is currently active in Argentina, Australia, Colombia, Indonesia, India, Malaysia, Mexico, Singapore, Thailand and the Philippines.
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