Advertising and digital media company Catcha Digital has completed the entire equity interest acquisition of iMedia Asia in a transaction valued at approximately RM43.92million in cash and shares. This acquisition follows the appointment of Patrick Ykin Grove (pictured left) as its new chairman on 1 March 2023. Catcha Digital now owns fast-growing integrated digital media solutions provider, with a portfolio of digital marketing platforms.
Grove is a well known name withing the Southeast Asian entrepreneurial scene. Under his guidance as director, REV Asia changed its name and logo to Catcha Digital. According to the company, this switch was made in 2021 to signify a new direction for Catcha Digital and embodied Catcha Group’s active participation within the company’s day-to-day operations.
In financial year end of 2021, despite volatile market conditions, iMedia Group recorded a profit before tax of RM6.07 million and profit after tax and minority interests of RM3.66 million. The group expects to achieve better profitability for financial year end 2022.
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Grove said that he has worked with the team behind iMedia for over 20 years and is confident that the integration of the vast reach and capabilities of iMedia will accelerate Catcha Digital to be at the forefront of the digital media arena in Malaysia and then Southeast Asia. "The tremendous growth in profit over the last financial year shows that the team and strategy are executing the strategic plan exceptionally well”, he added.
This is also in line with the Group’s goals to become a major player across all segments of digital businesses. Catcha Digital aims to accelerate its growth through expanding its digital operations, strategic digital investments and value-adding M&A. Voon Tze Khay (pictured right), co-founder and CEO of iMedia said that the team will continue to partner with and invest in synergistic digital businesses to strengthen its ecosystem of products and solutions.
Catcha Digital names Patrick Grove as chairman as Larry Gan steps down
Malaysian digital media group REV Asia renames to Catcha Digital