Network of automotive portals iCar Asia Limited
(ASX:ICQ) has tied up the $16.7 million acquisition of One2car.com Co. Ltd.
One2car.com is the owner of Thailand’s largest automotive classifieds site by the same name and iCar Asia has described the purchase as a game-changing acquisition.
iCar Asia believes One2car.com will give it a commanding leadership position in Malaysia, Thailand and Indonesia.
The three countries collectively sell more than 3 million new cars and have automotive advertising expenditure of more than $1 billion per annum.
iCar Asia reported a net loss of $6 million in the first half of the current 2014 calendar year.
