The Singaporean firm, which is merging with Magnum Opus Acquisition, has developed products such as the Uplive video social entertainment platform, voice-centric social app Haya, chatting app CuteU, online dating app Lamour, payment aggregation platform Uppay, and lifestyle shopping platform Hekka
Mobile app developer Asia Innovations Group to merge with Magnum Opus Acquisition. (Credit: Marius Berthelsen from Pixabay)
Asia Innovations Group (ASIG), a Singapore-based mobile app developer, has agreed to merge with special purpose acquisition company (SPAC) Magnum Opus Acquisition in a deal that values the combined firm at $2.5bn.
The deal with the SPAC will enable Asia Innovations Group to go public in the US market. Subject to regulatory approvals, the deal is anticipated to close in Q1 2023.
The merger will give the mobile app developer estimated gross proceeds of $200m in cash. The amount was raised by Magnum Opus Acquisition through its own initial public offering (IPO) last year, reported Reuters.
Asia Innovations Group is also targeting an additional capital raise of up to $150m. The company stated that the proceeds will support the growth of its products along with acquisition opportunities.
Established in 2013, the company claims to serve more than 600 million users located spread over 150 countries and regions. It is said to maintain operations in 18 offices around the world, located in Singapore, the US, India, Japan, China, Mexico, and others.
The company’s product portfolio includes video and audio social, E-commerce, social dating, games, and payment platform.
One of its main products is Uplive, which is a video social entertainment platform that was launched in 2016. Uplive, which enables video social streamers to share their talents and develop connections in real time, is claimed to have 300 million registered users in different parts of the world.
Other products of Asia Innovations Group include voice-centric social app Haya, online dating app Lamour, chatting app CuteU, lifestyle shopping platform Hekka, payment aggregation platform Uppay, and Taiwanese online payment service CCNet.