EMPG, the parent company of the UAE property portal Bayut, has announced the acquisition of Lamudi Global, an online real estate platform with an excellent market share in the Philippines, Indonesia and Mexico.
Lamudi was founded in 2013 as an online property platform focused on emerging markets, and eventually expanded to 34 countries.
A well-recognised brand, Lamudi boasts a combined total of $55.1 billion real estate transactions in these countries per year, with a potential commission pool of over $2.3 billion that EMPG’s real estate partners can benefit from.
These are also densely populated geographies with a combined population that is just shy of half a billion people, said the statement from EMPG.
Confirming it, EMPG said the acquisition took place before the group’s recent merger with OLX Group’s businesses in Mena and South Asia that raised its valuation to $1 billion, making it one of the few unicorn businesses in the region.
This news comes almost a year after Bayut’s parent company’s acquisition of Lamudi’s Middle East and Pakistani businesses, which they have already successfully integrated with their other portals in these markets.
MPG CEO Imran Ali Khan said: “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," he stated.
The acquisition also signalled 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,” said Khan.
The company had also acquired Thailand’s top marketplace Kaidee in February, which – along with the Lamudi Global transaction – marked the group’s strategic expansion into emerging Southeast Asia markets.
On the takeover, Lamudi CEO Kian Moini pointed out that EMPG’s expansion into the region would raise the bar for online marketplaces.
"It 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 stated.
Welcoming Lamudi Global into the fold, Bayut CEO Haider Ali Khan and EMPG Mena Head, said: "These are very exciting new regions for us, where there is potential for technology to make a significant difference and add value. We look forward to working closely with the local teams and providing the necessary support to enhance their presence using advanced technology and extensive market research."
"At EMPG we have a strong service-oriented culture, and Lamudi Global also operates with a very similar ethos. We want to build on this synergy and bring greater sophistication to support the needs of our customers and consumers in these populous and promising new markets," he added.-TradeArabia News Service