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Acquired!
Dealised, the group buying service platform, has acquired Hong Kong-based Lokaly Network Limited (LNL). The acquisition sum isn’t disclosed.
LNL provides group buying solutions and also owns ValuUp, a deals site. This deal seems very much like a talent acquisition to me. The co-founders of LNL, Doug and Matt Aitken (who are brothers), will join the Dealised team and head up its Hong Kong operations. Matt Aitken commented on his decision that “the growth prospects, direction, and opportunity that come with being part of the Dealised team are tremendous.”
Dealised claimed that the Hong Kong deals market is estimated to generate US$60 million in annual revenue and is growing strongly. That’s quite a remarkable figure considering Hong Kong has just over seven million inhabitants and so doesn’t have the sheer size/volume of China or the U.S. I’m suspecting that Dealised has mainland China in its mind and this acquisition in Hong Kong will bring it one step closer to the country.
“The Hong Kong deals market is worth more than US$60 million and is growing. Our Hong Kong team will help us grow right across Asia,” said Dealised CEO Jonathan Marchbank.
Dealised previously raised $5.3 million from SingTel Innov8. You can catch my interview with Marchbank here.
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