PETALING JAYA: Digital media group, iMedia Asia Sdn Bhd (“iMedia”) has registered a record year in 2021 after surpassing its budgeted group revenue and profit after tax by 19.9 per cent and 26.6 per cent respectively, thanks to its enhanced product suite and the general shift towards digital channels by advertisers.
iMedia CEO and co-founder Voon Tze Khay said iMedia is on track to hit its 2022 target and they are optimistic about the growth and long-term prospects of the digital media.
“Influencer marketing and marketing technology industry on the back of the accelerated digital transformation that is ongoing in the region,“ he said.
In 2020 and 2021, iMedia acquired and merged with ITTIFY, Oh Media!, Goody25, BeautifulNara and Moretify as part of its consolidation strategy and to enhance its product offerings.
iMedia’s portfolio companies saw 12.9 million users visit its websites and social media platforms in March 2022.
The company is continuously seeking strategic opportunities to enhance its offerings and expand its audiences across Southeast Asia.
In September 2020, shareholders of iMedia entered into a share sale agreement with Catcha Digital Berhad (“Catcha Digital”, f.k.a Rev Asia Berhad) for Catcha Digital to acquire a 100 per cent interest in iMedia for up to RM40 million, which includes earnouts pegged to certain financial targets.
The total purchase consideration comprises a mix of cash and Catcha Digital shares (valued at RM0.25 each).
On 5 April 2022, Catcha Digital announced that it had received approval on its Proposed Regularisation Plan from Bursa Malaysia Securities Berhad.
The Proposed Regularisation Plan, which includes the acquisition of iMedia as well as a proposed Rights Issue, is expected to be completed within six months.
“We welcome the approval by Bursa and look forward to working with the Catcha Digital Berhad team to solidify our leadership position and accelerate our growth plans,“ added Voon.
