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Fave acquires Groupon Singapore

Southeast Asian online-to-offline (O2O) e-commerce specialist Fave has acquired Groupon Singapore.

The acquisition is set to solidify the company's efforts in helping consumers save, while driving growth for local businesses across SEA.  
 
The acquisition of the Groupon Singapore's business follows similar acquisitions of Groupon Indonesia and Malaysia in 2016. Thus far, Groupon Malaysia has been fully integrated into Fave, while Groupon Indonesia is set to follow suit in the coming months. Groupon Singapore will see a similar integration into Fave by mid-2017.
 
The transaction is expected to close later this week.
 
The Fave team, who also founded fitness sharing platform KFit, is aiming to innovate and drive O2O across multiple lifestyle categories in Southeast Asia.
 
"With one of the highest smartphone penetration in the world at 85 per cent and a highly competitive market for offline businesses, Fave's ability to connect digitally savvy consumers to offline businesses will play a key role in the company's success in the region," says Ng Aik-Phong, Managing Director of Fave Singapore.  
 
Fave's mobile-first approach provides a cashless transactional experience to consumers who live online that are looking to discover and enjoy a wide variety of experiences from offline businesses. Businesses who have partnered with Fave in Singapore include Naughty Nuri's, Pastamania, Shangri-La and Holiday Inn. 
 
"Fave helps our business partners succeed in mobile commerce by providing proprietary business tools and access to a highly-engaged consumer audience where they can offer flexible promotions, loyalty programs and more, with the goal of helping our partners gain new customers and retain existing customers," says Joel Neoh, founder of Fave. “We are very excited about the opportunity to combine Groupon Singapore's success with our technology, to further enhance convenience for consumers while creating more growth opportunities for local businesses. We've seen tremendous growth in the adoption of O2O platforms by local businesses across Southeast Asia over the past year, and the benefits our platform offers today is just the beginning of more to come.”
 
"Fave has already proven its ability to grow the O2O market in Indonesia and Malaysia, and we believe that the team will be able to capitalise on Groupon Singapore's strengths and market-leading position to do the same in Singapore," says Julie Szudarek, president of Groupon International.

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