The iMedia team
iMedia, a Malaysia-based integrated digital media group, announced today it has acquired a controlling stake in Moretify, a Chinese language portal in the country.
The financial details of the deal were not disclosed.
As per a press release, iMedia would be a major shareholder of Moretify, and its social media assets will be fully integrated into iMedia’s ecosystem.
This acquisition also positions the iMedia Chinese network as one of the largest in the country for Chinese speaking millennials.
This marks the company’s fifth acquisition within 100 days as it seeks to position itself as the leading integrated digital media group in Malaysia.
iMedia has previously acquired OhMedia, Ittify, Goody25 and BeautifulNara in the recent past.
Also Read: iMedia acquires BeautifulNara to expand its digital media footprint within Malaysia
Launched in 2017, Moretify is a Chinese language social media and content website that primarily focuses on the latest news within the local entertainment and lifestyle scene. The site claims to have grown into a prominent brand and source for many visitors from Malaysia and across the region.
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Based on Google Analytics’s data from January to October, the platform recorded an average of 3.1 million page views and over 800,000 monthly users in that period.
Voon Tze Khay, CEO and Co-founder of iMedia, said: “This acquisition will further strengthen the company’s dominant position in the Chinese language content network in Malaysia and our reach to the overall Chinese urban youth speaking online community.”
“The newly combined Chinese network (with Goody25) reaches out to approximately 3.5 million monthly users with close to 14 million pageviews each month,” he added.
iMedia is a Malaysian digital media company focussing on content, technology, and social influencer marketing. It claims its network of managed websites now reaches over 15 million Malaysians monthly.
The firm claims it is looking to complete its IPO on Bursa Malaysia via its own acquisition by Rev Asia, currently listed on Bursa Malaysia for approximately MYR40 million (US$9.81 million).
Upon approval by regulators and shareholders, the Moretify acquisition will be part of iMedia’s move to Bursa Malaysia.
Recently, iMedia announced it has signed an exclusive representation agreement to take over Iluminasi’s advertising sales, with a primary focus on accelerating revenue across branded content, video and display advertising.
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Image Credit: iMedia
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