Ascential PLC (LSE:ASCL) said it acquired Intrepid E-Commerce Services Pte. Ltd., a provider of eCommerce execution services to brands in South East Asia, in a deal worth up to as much as US$250mln.
The initial cash sum paid for Singapore-based Intrepid is US$57mln, plus deferred consideration payable over four years, resulting in an estimated total price of between US$100mln-US$197mln, the FTSE 250 company said in a statement.
However, if Intrepid meets “very stretching targets”, the consideration could be as a high as US$250mln, it said, adding the acquisition is expected to be earnings enhancing from 2025.
"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,” said Duncan Painter, CEO of Ascential.
Intrepid provides eCommerce execution to enterprise brands that trade on major South East Asia platforms such as Shopee and Lazada. It has over 400 staff and is led by co-founders Jasper Knoben (CEO) and Christopher Beselin (chairman).
It recorded revenue of US$17.8mln and an EBITDA loss of US$4.5mln in 2021, with revenue in the 12-month period to end-May 2022 growing to US$23.1mln.
Ascential shares fell 1.52% to 259.40p in midmorning trade.