iMedia, has signed a Term Sheet with Favful Pte Ltd to acquire 100% stake in Lovelife Technologies Sdn Bhd, owner and operator of the online website, www.favful.com.
The acquisition is the company’s first entry into the commerce business and goes in line with its mission of becoming Malaysia’s number 1 integrated digital media group. In addition to the Term Sheet, the companies have also signed an Exclusive Sales Representation Agreement that will see iMedia be responsible for the acceleration of revenue for its influencer advertising unit as well as branded content.
It will also be task to generate lifestyle content and engagement around its website and social media platforms. As part of the deal, all social media assets from the company will be fully merged into iMedia’s ecosystem. iMedia has been moving at lightning speed in the last 12-months, by confirming 6 acquisitions. Over the last year, iMedia has completed the acquisition of OhMedia, Ittify, Goody25, BeautifulNara, Moretify and now, Favful.
The iMedia network of owned and managed websites now reaches over 15 million Malaysians every month. iMedia and Rev Asia Berhad had entered into a Share Sale Agreement in September 2020 with Rev Asia Berhad (listed on Bursa Malaysia) acquiring a 100% stake in iMedia, subjected to completion and approval from regulators.
iMedia is still in the process of completing its IPO on Bursa Malaysia via the 100% acquisition by Rev Asia Berhad for approximately RM40 million. Upon approval by regulators and shareholders, the Favful acquisition will be part of iMedia’s move to Bursa Malaysia. With a vision that the digital space will inevitably be championed by two-way communication model, Favful’s social commerce platform is dedicated in helping users feel stress-free in their online beauty shopping experience by combining crowd intelligence from its community and preference intelligence generated through machine learning.
The company was founded by Sasha Tan, who was a recipient of the Forbes 30 Under 30 Asia Retail and Commerce Award in 2017.
Sasha Tan, CEO and Founder of Favful, said, “We house over 3,000 beauty and lifestyle influencer members reaching out to potentially 146mil social media audience. By integrating this reach with ITTIFY (iMedia’s existing influencer agency), our combined social media audience reach is well-over 172million.”
“The current technology behind Favful’s platform allows it to analyse the sentiments of our users and community’s voices, giving us the opportunity to understand their interest and demand better and will now be extended to the online websites of iMedia to deliver more targeted content that are relevant to our users”, added Voon Tze Khay, Chief Executive Officer and Co-founder of iMedia.