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iMedia acquires controlling stake in parent firm of Chinese site Goody25

iMedia acquires controlling stake in parent firm of Chinese site Goody25

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Malaysian digital media group iMedia has acquired a controlling stake in websites Goody25 and GoodyMY via Goody Technologies. Currently, iMedia is the exclusive sales representation partner for all brands under Goody Technologies. As part of the deal, all technology assets from the company will be fully merged into iMedia's ecosystem.

This comes shortly after iMedia was snapped up by Rev Asia Berhad for RM10 million earlier this month. Besides Goody25 and GoodyMy, it also acquired majority stakes in Oh Media, owner and publisher of Malaysia social news portal Oh! Media, and Ittify, owner and operator of social influencer platform ITTIFY.

Goody25 is a Chinese-language social news media and content portal launched in 2015 that mainly focuses on the latest news and trendiest stories on lifestyle, fashion, art, entertainment, travel and food. According to the press statement, it has a combined social following of more than 900k followers on Facebook and Instagram combined. Meanwhile, GoodyMY is an English-language social news portal launched in 2019 and is expected to record a visitor count of more than 500k by the end of this year.

group photo goody25

Voon Tze Khay (pictured), CEO of co-founder of iMedia, said it is excited to welcome the Goody brands to its fast-growing content and social influencer network.

"Over the last few months since representing Goody25 and GoodyMY as part of our sales network, we have shown our strength and expertise in providing integrated digital solutions and influencer marketing campaigns in generating greater revenue for the group," he said. Voon added that it will continue to expand on its revenue streams by working closer and merging the key opinion leaders under the Goody brands to be part of its larger influencer network.

MD of Goody Technologies, Aaron Lim, said a lot of hard work has gone into building the Goody25 brand. "We take great recognition to have become the first Chinese media acquired by iMedia and we, at Goody Technologies, take this as a testament and acknowledgement to our team’s hard work and dedication," he said.

Along with his partner Alex Ooi, Lim thanked its users and clients for their support and said the team will continue to strive in offering top quality content and services. "We are excited with the prospects of working with iMedia, who will serve as a solid partner in helping Goody Technologies grow further in the coming years," Lim said.

IMedia is expected to make over RM3 million in net profit after tax in 2021, and this would bring its total acquisition price of RM40 million if achieved. The company also said earlier this month following the acquisition that it is primed to capitalise on the immense opportunity in digital advertising spend in Malaysia and other key Southeast Asia markets.

IMedia is founded by Voon Tze Khay, Loh Ken Wei, Jacky Tee, and Brian Alexis and focuses on content and technology as well as social influencer marketing. Among the list of clients it works with include Shopee, iQIYI, foodpanda, Huawei, McDonald's, Fonterra, Mercedes Benz and L'Oréal.

Voon told A+M previously that the acquisition would give iMedia the resources and opportunity that the company needs to grow and scale faster. According to him, the founders will continue to lead and operate the business. "We all share the same objective to build the largest digital and social media business in Malaysia and later in Southeast Asia," he added.

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