EMPG, one of the leading digital classifieds groups in the Middle East and North Africa (MENA) South Asia and Southeast Asia regions, announced its acquisition of Lamudi Global which has businesses in the Philippines, Indonesia and Mexico.
The group said the acquisition had taken place before its merger with OLX Group’s businesses in MENA and South Asia that raised EMPG’s valuation to $1 billion, which was announced last week. EMPG had also acquired Thailand’s top marketplace Kaidee in February, which – along with the Lamudi Global transaction – marks a strong push into Southeast Asia for the group.
EMPG owns and operates several online platforms in various parts of the world.
Lamudi was founded in 2013 as an online property platform focused on emerging markets. Lamudi is currently a well-recognized brand and a well-established player in the Philippines, Indonesia and Mexico. EMPG had already acquired Lamudi’s Middle East, Pakistan and Bangladesh businesses last year.
The combined total of real estate transactions in the Philippines, Indonesia and Mexico is estimated to be $55.1 billion per year, with a potential commission pool of over $2.3 billion for real estate professionals. The combined population of the three countries is just shy of half a billion people.
“We welcome the Lamudi Global teams to the EMPG family. They bring with them a lot of experience and domain knowledge, and we value the people who have been with the business since the beginning. We look forward to working with the team to continue growing the business, and EMPG will provide strategic, technological and financial support as needed,” said Imran Ali Khan said, EMP chief executive officer (CEO).
Khan said the acquisition also signaled EMPG’s intent to focus on Southeast Asia in addition to its core regions.
“Our aim is to build a strong presence in the region with these acquisitions. Southeast Asia is a bustling, happening market with tremendous potential, and we look forward to providing the best experience to both professionals and consumers,” he added.
Kian Moini, CEO of Lamudi, said EMPG’s expansion into the region would raise the bar for online marketplaces.
“EMPG has built highly successful businesses in all of its geographies, and the group’s strategic depth and advanced tech are two major assets Lamudi looks forward to as we begin this next phase of our journey,” he said.
The transaction value was not disclosed.