Intrepid Group, a Singapore-headquartered omnichannel e-commerce solutions company, has been acquired by Ascential plc (Ascential), a global provider of information, analytics and e-commerce optimisation.
The deal is for an initial cash consideration of US$57 million, plus deferred consideration payable over four years. This is contingent on meeting certain financial targets, resulting in an estimated total consideration of between US$100 million and US$197 million.
The maximum total consideration payable for Intrepid Group is capped at US$250 million, Intrepid said in a press release.
The acquisition will provide a strategic entry point for Ascential into the high-growth Southeast Asian market. At the same time, it will provide Intrepid access to a broader network of resources and knowledge.
As per the agreement, Intrepid will become part of Ascential’s Digital Commerce division. The Singaporean company joins Edge by Ascential, Flywheel, Yimian, Duo Zhun, Intellibrand, OneSpace, Perpetua, Sellics, WhyteSpyder and 4KMiles to strengthen Ascential Digital Commerce’s presence in the region.
Also Read: Intrepid attracts US$11M Series B, claims profitability in 2 markets
“Intrepid’s strong presence in Southeast Asia and proven expertise operating across the major marketplaces in this important region further enhances the capabilities and global reach of our Digital Commerce business,” said Duncan Painter, CEO of Ascential.
Founded by Co-Founders of Lazada, Intrepid Group offers both enterprise-grade SaaS and end-to-end e-commerce management to brands and SMEs to accelerate their growth on platforms such as Lazada and Shopee. The B2B company has offices in six markets: Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. It has over 480 staffers across e-commerce, digital marketing and tech experts.
A year ago, Intrepid Group secured US$11 million in an oversubscribed Series B funding, led by Mirabaud Asset Management through its Mirabaud Lifestyle Impact & Innovation fund.
In August 2020, Intrepid raised an undisclosed sum in pre-Series B financing, co-led by Thakral Sun SEA Capital (a VC firm backed by Sunway Group). Ten months earlier, it had received Series A funding led by Kairous Capital.
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