Malaysia-based online classifieds firm Frontier Digital Ventures announced it has acquired Chile-based general classifieds portal Yapo for approximately US$19.5 million.
The deal will help Frontier with increased scale and diversification in the region, balancing the risk-return profile of the company, said the company in a statement. The acquisition will also help in creating potential opportunities for collaboration or consolidation in Latin America.
Launched in 2011, Yapo provides its classifieds service across the high value auto and real estate verticals. The acquisition is also expected to make a material contribution to Frontier’s revenue since the company’s initial public offering in 2016.
“With this acquisition, FDV’s network of operating companies now spans the length of South America, significantly enhancing our position in a highly attractive region,” said Shaun Di Gregorio, CEO of FDV.
Last December, Frontier had raised US$67 million to acquire online classifieds businesses Avito in Morocco, Tayara in Tunisia, and Fincaraíz in Colombia from Yapo’s parent firm Adevinta ASA.
FDV will capitalize on the popularity of the growing online classified market, which is poised to hit US$463 billion by 2023. – TECHINASIA