Isentia has decided to close its operations in North Asia and will transitionmove its clientscustomers to Wisers.
In a statement, the company said after an extensive strategic review, Isentia "has decided to exit its loss-making North Asian operations which are no longer core to its strategy due to the poor alignment of these assets with the rest of the business."
The company also neededs substantial capital investment to meet the unique customer requirements and reach scale in Northeast Asian markets too, the statement added.
To settle its current clients' needs, Isentia has formed a partnership with Wisers, a Hong Kong-based provider of big data smart business intelligence solutions based in Hong Kong. Isentia will work with Wisers to transition clients in Beijing, Shanghai, Hong Kong, and Taiwan to ensure that they will continue to have access to media intelligence and insights. The partnership also allows both parties to explore further opportunities to collaborate across other markets as well.
"The decision to exit our North Asian markets was not taken lightly but reflects our relentless strategic focus on building regional scale with a single platform. The exit streamlines our business and clears the path for innovation to reach all our markets simultaneously. The strategic alliance with Wisers represents a unique opportunity to transition our clients to a leading local business intelligence provider and to explore the possibility of further collaboration in other regions," said Ed Harrison, managing director and CEO of Isentia.
At the same time, Isentia has reached an agreement to sell its stake in its business in South Korea to its local partner and will exit theat market as well. But the company will continue operating in Southeast Asia as it is one of the leading providers of social media analytics in the region and has a closer partnership with local and multinational clients.