Ascential acquires Singapore's Intrepid E-Commerce Services
By Iain Gilbert
Date: Thursday 30 Jun 2022
(Sharecast News) - Business-to-business media firm Ascential has acquired South East Asian eCommerce execution services provider Intrepid E-Commerce Services in a deal worth as much as $250.0m.
Ascential said on Thursday that it will make an initial cash consideration of $57.0m for the Singapore-based firm, plus a deferred consideration payable over four years, contingent on meeting certain financial targets, resulting in an estimated total consideration of between $100.0m-197.0m.
However, Ascential noted that the maximum total consideration payable for Intrepid, in the event that "very stretching targets" were reached, was capped at $250.0m.
Ascential stated that the acquisition of Intrepid provided it with an entry point for its digital commerce business into the "fast-growing South East Asian marketplace".
In the year ended December 2021, Intrepid recorded unaudited revenues of $17.8m, with an unaudited underlying loss loss of $4.5m. The acquisition was expected to be earnings enhancing from 2025.
Chief executive Duncan Painter said: "Intrepid's strong presence in South East Asia, alongside its proven expertise operating across the major marketplaces in this important region, further enhances the capabilities and global reach of our digital commerce business. We look forward to welcoming our new colleagues into the Ascential family and continuing to expand our digital commerce capabilities together.
Reporting by Iain Gilbert at Sharecast.com
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