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RNS Number : 7498Q Ascential PLC 30 June 2022
30 June 2022
Acquisition of Intrepid
Ascential plc (LSE: ASCL.L), the specialist information, analytics and
eCommerce optimisation company, has acquired Intrepid E-Commerce Services Pte.
Ltd. ("Intrepid"), a provider of eCommerce execution services to brands in
South East Asia.
Intrepid provides, primarily, eCommerce execution, backed by proprietary
software solutions, to enterprise brands that trade on major South East Asia
platforms such as Shopee and Lazada. Headquartered in Singapore, Intrepid
employs over 400 staff, and is led by its co-founders: Jasper Knoben and
Christopher Beselin (CEO & Chairman respectively).
Intrepid provides an entry point for our Digital Commerce business into the
fast growing South East Asian marketplaces, expanding its global footprint in
this important region for eCommerce. Our clients are always searching for
ways to access the next billion consumers and South East Asia eCommerce
provides a clear pathway to them over time.
The acquisition is for an initial cash consideration of US$57m, plus deferred
consideration payable over four years, contingent on meeting certain financial
targets, resulting in an estimated total consideration (including the initial
consideration) of between US$100m and US$197m. The maximum total consideration
payable for Intrepid, in the event that very stretching targets are reached,
is capped at US$250m.
In the year ended December 2021 Intrepid recorded unaudited revenue of
US$17.8m, with an unaudited EBITDA loss of US$4.5m. For the twelve month
period ended 31 May 2022 unaudited revenue had grown to US$23.1m. As of
December 2021 Intrepid had unaudited gross assets of US$14.6m. The acquisition
is expected to be earnings enhancing from 2025.
Duncan Painter, CEO of Ascential, commented:
"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."
Duncan Painter Chief Executive Officer +44 (0)20 7516 5000
Mandy Gradden Chief Financial Officer
Rory Elliott Investor Relations Director
Edward Bridges, Matt Dixon, Jamie Ricketts FTI Consulting LLP +44 (0)20 3727 1017
Ascential delivers specialist information, analytics and eCommerce
optimisation platforms to the world's leading consumer brands and their
ecosystems. Our world-class businesses improve performance and solve problems
for our customers by delivering immediately actionable information combined
with visionary longer-term thinking across Digital Commerce, Product Design,
Marketing and Retail & Financial Services.
With more than 3,000 employees across five continents, we combine local
expertise with a global footprint for clients in over 120 countries.
Ascential is listed on the London Stock Exchange.
Intrepid is a leading eCommerce and digital solutions provider that enables
brands to seize the full potential of eCommerce in South East Asia, offering
expert end-to-end omni-channel eCommerce management, digital marketing, and
insights & analytics, all enabled by advanced inhouse technology.
Intrepid has 480 employees in offices across South East Asia in Singapore,
Malaysia, Indonesia, Thailand, Vietnam and the Philippines.
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