Singapore's Qoo10 acquires Wemakeprice
Logo of Qoo10 / Courtesy of Qoo10
Singapore's Qoo10 said Thursday it acquired the entire stake in the Korean social commerce platform Wemakeprice, in the e-commerce giant's ongoing efforts to expand in Korea.
Qoo10 said it acquired an 86.2 percent stake in Wemakeprice from its largest shareholder, Wonder Holdings, as well as the remaining shares owned by NXC, the holding company of Korean game developer Nexon.
The two companies did not disclose the exact financial terms of the acquisition.
Following the deal, Qoo10 will own the management rights of Wemakeprice, as well as the rights to operate its mobile platform, the company said.
Thursday's deal marks the third of its kind for Qoo10, after it acquired Korea's e-commerce platform TMON last year and Interpark Commerce, the mobile shopping and book selling business unit of Interpark, in March.
Qoo10 said it plans to "increase synergy" among its three affiliates, with the aim to establish a "global e-commerce ecosystem" by connecting global sellers to local platforms that it already owns.
Based in Singapore, Qoo10 is an e-commerce platform founded by GMarket founder Young Bae Ku and eBay. The site operates localized marketplaces across five Southeast Asian countries, including Indonesia, China, Hong Kong and Malaysia.
Its logistics affiliate, Qxpress, which owns logistics hubs in 19 regions across 11 countries, is currently pushing for an initial public offering on the tech-heavy Nasdaq Composite. (Yonhap)