More than a month after iMedia officially launched in July this year, the digital media company has been snapped up by Rev Asia Berhad for RM10 million. According to the press statement, iMedia is expected to make over RM3 million in net profit after tax in 2021, which would see a total acquisition price of RM40 million if achieved. The company is also 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 in a statement that the sale 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.
In line with iMedia's launch in July, 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. Additionally, iMedia also signed exclusive advertising representation agreements with Goody Technologies, the owner and publisher of Chinese and English social news portal Goody25, and Newswav, owner and publisher of the Newswav app. The acquisitions and exclusive advertising representations allow iMedia to reach more than eight million Malaysians nationwide.
Voon also said that iMedia has one of the leading social influencer marketing platforms in the country. "The technology was built in Malaysia, and powers influencer campaigns across the top 1000 influencers in the country, delivering marketing campaigns that reach out to millions of the young connected generation of Malaysians," he explained.
Meanwhile, Patrick Grove, director and major shareholder of iMedia, said this time, with an even bigger digital market, he believes it has the opportunity to build a company worth significantly greater in an even shorter period of time. "This acquisition brings our know-how and expertise together with iMedia’s entrepreneurial team under the Rev Asia Berhad banner. We aim to be the home for all the great digital media entrepreneurs of Malaysia," he added. Grove is co-founder and group CEO of Catcha Group which used to own REV Asia Holdings prior to its sale to Media Prima.
Larry Gan, chairman of Rev Asia Berhad, said: “I am extremely excited to work with Voon and his team again. In our last venture together, we built the largest independent digital media group in Malaysia in three years and sold it successfully to Media Prima." Voon was previously MD of digital media company REV Asia Holdings, which was sold to Media Prima for RM105.0 million.
Separately in August, iMedia rolled out an initiative named #BinaBersama, to help small local businesses affected by the global pandemic. Under this initiative, it will be giving out RM500,000 in media inventory to selected businesses. #BinaBersama aims to help businesses by providing business owners – those who have seen their income reduced tremendously – free advertising through iMedia’s portfolio of brands. The participating platforms include Oh! Media, Goody25, ITTIFY.
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