Bukalapak acquisition of iPrice can broaden the service of this price comparison platform to assist more customers in saving their costs across the new vertical.
Heaptalk, Jakarta — Indonesia‘s e-commerce company, Bukalapak, announced its strategic acquisition of the Kuala Lumpur-based price comparison platform, iPrice Group, with an undisclosed amount. Through this strategic attempt, iPrice has an opportunity to accelerate its business growth by leveraging the synergies between the two parties.
In the official press release, the iPrice party revealed that Bukalapak’s acquisition would render this e-commerce company the majority shareholder of this Southeast Asia-based price comparison startup. Bukalapak has determined to shift its business focus from competing directly with other markets to acquiring market niches to expedite its development.
“I have known David Chmelar, the Co-Founder and Executive Vice Chairman of iPrice, and his team for several last years, and have always been excited about their work. Eventually, we have a golden opportunity to team up more closely with the iPrice team,” said the CEO of Bukalapak, Wilix Halim. (04/04)
Other existing investors, namely Itochu and Naver, also deliver their great welcome of this cooperation. As stated by the iPrice Group, the stagnation of the fundraising market in the past year has forced the company to cut back on several aspects of the business and reduce its team members substantially.
As it is known, the iPrice company decided to accept this strategic acquisition that Bukalapak proffered after this price comparison platform performed efficiency moves, including the job-cutting policy. As a result, iPrice affirmed to transform its business growth to be more efficient.
In its eight years of operations, iPrice provides service to the customer in determining the best prices of kinds of the stuff peddled in the multiple e-commerce channels. Besides, the iPrice platform has managed to serve around 100 million users in seven Southeast Asia countries. The technology of iPrice showcases the best offers and discounts from over 8 billion offers on the market. Also, iPrice’s service scheme features various sales events and discount mechanisms that are complex to navigate.
Responding to this acquisition, the Co-Founder of iPrice, Heinrich Wendel, stated this collaboration enables the company to broaden its service to assist more customers in saving their costs across the new vertical.
“Incorporating the extensive experience of Bukalapak in e-commerce with our advanced technology is believed to enhance the existing potential. iPrice will continue its operations as an independent entity, retain its neutral positions towards customers, and work with numerous merchants and traders,” affirmed Wendel.
