Carsome Group appoints former AirAsia tech chief Vishnu Nambiar as CTO ahead of possible US listing
4 August 2021 4:59 pm / 0 comments
Carsome Group, Southeast Asia’s largest integrated car e-commerce platform, has announced the appointment of Vishnu Nambiar as chief technology officer (CTO). Nambiar, a former CTO at AirAsia, takes over from Chet Sin, who will now be Carsome’s chief architect to lead the design, implementation and governance of the company’s tech architecture.
As CTO, Nambiar will drive Carsome’s next stage of transformation by leading the tech team and spearheading the strategy on deploying tech to address the automotive industry’s most pressing needs. His addition to Carsome’s executive management team will aid the company’s drive to become Southeast Asia’s most valuable digital automotive marketplace, the company said.
Carsome cements tech unicorn status with US$200m iCar Asia acquisition
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Malaysiaâs Carsome buys iCar Asia in $200m deal
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Patrick Groveâs Catcha Group will sell its ASX-listed iCar Asia to Malaysian used car platform Carsome in a deal worth $200 million, topping last yearâs approach by Chinese company Autohome.
Carsome will initially acquire a 19.9 per cent stake in iCar Asia, an online car classifieds business, and has made a proposal with Catcha Grove to acquire the rest of the company at about 55¢ a share.
Patrick Groveâs Catcha Group will sell ASX-listed iCar Asia to Malaysian platform Carsome in a $200m deal.Â
Charles Pertwee
This tops the 50¢ a share bid made by Autohome last October, a deal complicated by the fracturing relationship between Australia and China.
Carsome’s co-founder and group CEO Eric Cheng: “This is the first step toward consolidation to form the largest digital automotive group in terms of revenue, user base, largest live listing, and the best end-to-end fulfilment capability in the region.”
KUALA LUMPUR (July 13): Carsome Group announced today that it is acquiring 19.9% of Australia-listed iCar Asia Ltd from Catcha Group.
It added that Carsome and Catcha Group have made a joint proposal to the independent directors of iCar Asia to acquire the balance of 80.1% of iCar from its shareholders.
The total transaction is estimated to be worth more than US$200 million, said Carsome in a statement.
Carsome Group will acquire iCar Asia in a deal worth $200M
Southeast Asia’s car marketplace wars are going into high drive. Today Carsome Group, one of the region’s largest online used car marketplaces, said it plans to acquire listings platform iCar Asia in a transaction worth more than $200 million.
Carsome has agreed to acquire 19.9% of iCar Asia from Malaysia internet conglomerate Catcha Group. In exchange, Catcha Group will become a shareholder in Carsome Group. Carsome and Catcha Group have also made a joint proposal to iCar Asia’s directors to buy the rest of the company from its shareholders.
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