Fintech provider Kioson acquires Narindo Solusi
The Jakarta Post
Listed online-to-offline trading provider PT Kioson Komersial Indonesia (Kioson) has fully acquired PT Narindo Solusi Komunikasi, a company specializing in e-voucher aggregator and other digital services.
The acquisition was carried out following Kioson's initial public offering (IPO) on Sept. 7 and its listing on the Indonesia Stock Exchange (IDX) last Friday, which saw the provider become the first financial technology (fintech) firm to go public in Indonesia.
Kioson president director Jasin Halim said the acquisition would further strengthen its capabilities in e-commerce. "This acquisition has a strategic role in strengthening our infrastructure in the regions that are already covered by Narindo," Jasin said in a statement on Thursday.
The company used 75.6 percent of its IPO proceeds to acquire Narindo.
With the action, Kioson eyes a staggering 1,900 percent revenue growth by the end of this year to Rp 500 billion (US$37 million).
Kioson serves 19,000 kiosks spread across the country, almost all of which are small-to-medium enterprises in Indonesia's less developed cities.
Meanwhile, Narindo CEO Bernard Martian said the acquisition would help both companies diversify their line of business. "This will help us give more promising services," said Bernard. (bbn)
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