Rocket Internet’s PricePanda announced its merger with Australia-based GetPrice. The new company will be under Next Commerce holding company. GetPrice’s Co-Founder Jared Oken is going to be Next Commerce’s CEO. PricePanda’s investor will later add more money to the newly established company in order to fund further growth.
Together, both companies serve nine countries in APAC. The new group will be a combination of GetPrice’s ten years of experience and PricePanda’s experience of getting popular in developing countries. Each company would keep operating separately in each country it holds.
PricePanda’s Managing Director Pilip Wegener, who’s been in charge for four good months, stated in his press release, “Eyeing a great opportunity in APAC market, we are encouraged to capitalize our skills to help finding new initiatives in mobile, media, product launching, and new services segments in the region. We are pretty sure that this alliance serves us a strategic benefit, that it will guide us in developing a strong market with impressive milestones, both in the operation and the use of tech.”
As part of the transaction, PricePanda’s shares owner, including Tengelmann Ventures, Kinnevik, and Asia Pacific Internet Group (Rocket Internet and Ooredoo’s joint venture in Southeast Asia), have re-invested their money to the company to facilitate further development.
Another GetPrice’s Co-Founder, Chris Hitchen, as well as Oliver Samwer of Rocket Internet will be inducted into the company’s Board of Directors.
PricePanda is one of popular price comparison platforms in Indonesia. According to a survey by Nusaresearch, PricePanda is the fourth most popular service in the country.
