LivingSocial announces sale of Southeast Asian business to promote strategic development plan

April 3 News, the United States, the second largest group purchase website LivingSocial announced today to sell its Southeast Asian operations to ibuy group, the transaction price of 18.5 million U.S. dollars. It is understood that ibuy Group is an e-commerce company in Southeast Asia.

Industry analysts said the LivingSocial deal was designed to advance their strategic development plans and deepen the form of reinvestment.

LivingSocial's CFO, John Bax, says LivingSocial has made good progress in emerging e-commerce markets in Thailand, Malaysia, Indonesia and the Philippines. But LivingSocial still thinks the company's Southeast Asia business can achieve better results if it develops independently, so they have been looking for companies that complement LivingSocial.

He also said the deal with Ibuy could boost LivingSocial's innovative investment, product development, and could have a positive impact on markets in the US and other regions.

In 2013, LivingSocial released their strategic development plan, dedicated to the development of business outside of group buying. and increase investment in product development, and enhance market development capabilities. Last November LivingSocial sold its South Korean business ticket Monster to Groupon for 260 million dollars.