Catcha Digital completes acquisition of iMedia Asia for approx. RM43.92mil in cash & shares
https://vulcanpost.com/819081/catcha-digital-acquires-imedia-asia/
Catcha Digital Berhad (Catcha Digital) today announced that it has completed the acquisition of the entire equity interest of iMedia Asia Sdn Bhd (iMedia).
This is part of Catcha Digital’s regularisation plan to lift its GN2 status, but more on that later.
The transaction is valued at approximately RM43.92 million in cash and shares.
With this, Catcha Digital now owns the growing integrated digital media solution provider that services over 100 brands across various industries.
The acquisition process was preceded by the appointments of a new Group CEO (Eric Tan) in January, and a new Chairman (Patrick Ykin Grove) in March 2023.
Despite volatile market conditions in FY2021, iMedia recorded a profit before tax of RM6.07 million and a profit after tax and minority interest (PATAMI) of RM3.66 million. iMedia expects to achieve better profitability in FY2022.
The Chairman of Catcha Digital mentioned that he had worked with the team behind iMedia for over 20 years.
“I am 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,” Patrick said.
“The tremendous growth in profit over the last financial year shows that the team and strategy are executing the strategic plan exceptionally well.”
The CEO and co-founder of iMedia, Voon Tze Khay, shared his enthusiasm.
He expressed his excitement to build on iMedia’s experience in the digital media space and continue offering comprehensive and integrated digital media solutions to clients.
“We will continue to partner with, invest in, and acquire synergistic digital businesses to strengthen our ecosystem of products and solutions,” he said. “The closing of this transaction represents a new chapter in the iMedia journey, and we believe the best is yet to come.”