KUALA LUMPUR – iMedia, one of Malaysia’s leading integrated digital media groups, today announced it has signed a Term Sheet with Favful Pte Ltd to acquire a 100% stake in Lovelife Technologies Sdn Bhd, the owner and operator of the online website, www.favful.com, Malaysia’s Leading Community Online Beauty Store and one of the fastest-growing influencer marketing companies.
The acquisition is the company’s first entry into the commerce business and is 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 responsible for the acceleration of revenue for its influencer advertising unit as well as branded content.
It will also be tasked 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 for the past year through its acquirement of six entities, namely OhMedia, Ittify, Goody25, BeautifulNara, Moretify, and its latest addition, Favful. iMedia’s wide network of owned and managed websites has now reached over 15 million Malaysians nationwide every month.
Favful is the brainchild of Sasha Tan, a recipient of Forbes’ Under 30 Asia Retail and Commerce Award 2017. The social commerce platform was created to help users enjoy a hassle-free shopping experience by combining crowd intelligence from its community and preference intelligence generated through machine learning.
“I’m proud to see my baby achieving new heights by joining iMedia in its mission to build the No.1 integrated digital group in Malaysia.
“Since our launch in 2016, Favful has grown into a trusted community marketplace. We house over 3,000 beauty and lifestyle influencer members reaching out to a potentially 146mil social media audiences. By integrating this reach with ITTIFY (iMedia’s existing influencer agency), our combined social media audience reach is well over 172mil,” said Sasha.
iMedia Chief Executive Offiicer and co-founder Voon Tze Khay expressed his excitement in working alongside Faveful to further expand its audience reach.
“Together with the wide-reaching audience network and distribution strength of iMedia, we are confident in expanding Favful’s community to become a fully integrated digital platform in the media, commerce and influencer marketing business that will provide our customers and consumers the solutions and experience that matter,” he said.
“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 is relevant to our users”, added Tze Khay.
iMedia — Malaysia’s fast-growing integrated digital media group with a combined following of over 15 million visitors across its websites, social platforms and influencer network, has an extensive portfolio of popular online brands and premium video streaming partnerships which include OhMedia, Ittify, Goody25, GoodyMy, BeautifulNara, Amazing Nara, Kimchi Daily, Moretify, Iluminasi, Favful, Viu, WeTV, iflix, Newswav, Malaysia Gazette and Oriental Daily Online.
For further information, kindly contact:
iMedia Asia Sdn Bhd
Voon Tze Khay – Co-Founder and CEO
Mobile: +6012 3076737
Email: [email protected]
Lovelife Technologies Sdn Bhd
Sasha Tan – Founder and CEO
Mobile: +6012 6778511
Email: [email protected]
Sources: iMedia Asia
Editor: J.W Chan
Proofreader: Sarah Yeoh
