Land’s parent company EMPG acquires Lamudi Global, enters the Philippines, Indonesia and Mexico
DUBAI: EMPG, the parent company of Pakistan’s largest real estate portal Zameen and MENA, one of the leading digital classifieds groups in South Asia and South East Asia regions, has announced the acquisition of Lamudi Global, which has Philippines, Indonesia and There are businesses in Mexico. .
The group said the acquisition was preceded by a merger with MENA and the OLX group of businesses in South Asia, raising EMPG’s valuation to $ 1 billion, which was announced last week. EMPG acquired Kade, Thailand’s top marketplace in February, with Lumoodi Global Transactions – a strong push for the group in Southeast Asia.
EMPG owns and operates UAE, Saudi Arabia and Jordan, land in Pakistan, Bproperty.com in Bangladesh, and Beaute with Cabe in Morocco and Tunisia. It now owns and operates Dublinel in UAE, OLX Pakistan, OLX Egypt and OLX Lebanon, in addition to several other OLX platforms in the GCC.
Lamudi was founded in 2013 as an online property platform focused on emerging markets. Lamudi is currently a well-recognized brand and a well-established player in the Philippines, Indonesia and Mexico. EMPG acquired Lamudi’s Middle East, Pakistan and Bangladesh businesses only last year.
The combined total of real estate transactions in the Philippines, Indonesia and Mexico is estimated at US $ 55.1 billion per year, with a potential commission pool of over US $ 2.3 billion for real estate professionals. The combined population of the three countries is a shame to just half a billion people.
EMPG CEO Imran Ali Khan said, “We welcome the Lamudi Global teams to the EMPG family. They bring a lot of experience and domain knowledge with them, and we value those who are in business from the beginning. We look forward to working with the team to continue the business, and EMPG will provide strategic, technical and financial support as needed. “
He said the acquisition indicated EMPG’s intention to focus on Southeast Asia in addition to its core areas.
“Our objective is to build a strong presence in the region with these acquisitions. South East Asia is a bustle, a market with tremendous potential is happening, and we look forward to providing the best experience to both professionals and consumers, ”said Khan.
Lamudi CEO Qian Moini said that expanding EMPG in the region would raise the bar for online marketplaces.
“EMPG has built highly successful businesses across all of its geographies, and the group’s strategic depth and advanced technology are two key assets Lamudi looks forward to starting this next phase of our journey,” he said.
The transaction value was not disclosed.