EMPG, one of the leading digital classifieds groups in the MENA, South Asia, and Southeast Asia regions, has acquired online property platform Lamudi Global.
The acquisition will help EMPG expand to the Philippines, Indonesia, and Mexico.
Lamudi is an online property platform that focuses on emerging markets. The platform was founded in 2013 and is currently a well-recognized brand and a vested player in the Philippines, Indonesia, and Mexico.
However, the transaction value of Lamudi Global was not disclosed.
CEO of EMPG, 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.”
According to EMPG, the acquisition signals EMPG’s intention 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,” Khan added.
CEO of Lamudi, Kian Moini said, EMPG’s expansion into the region will raise the bar for online marketplaces.
“EMPG 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,” Moini said.
Last year, EMPG acquired Lamudi’s Middle East, Pakistan, and Bangladesh businesses. The total of real estate transactions in the Philippines, Indonesia, and Mexico is estimated to be $55.1 billion per year, with a potential commission pool of over US $2.3 billion for real estate professionals.
Emerging Markets Property Group (EMPG) is a Dubai-based platform that runs property portals in different emerging markets across the world. It was founded in 2015.