iCar Asia Acquires Carmudi Indonesia

iCar Asia (ASX:ICQ), online automotive company with 12 million visitors per month announced that it has acquired Carmudi Indonesia for an undisclosed amount. Carmudi Indonesia, which operates three core areas: new cars; used cars and car sales centres, is the second most visited online car platform in Indonesia.

As quoted in the press release:

Carmudi operate 5 physical care sales centres, called “Carsentros”. These are a transaction platform for car dealers and leading car financing businesses, and generate finance commission income. The 5 centres operate across the cities of Semarang (2 x Carsentros), Solo, Surabaya and Yogyakarta. Further Carsentros will be planned to compliment the car dealers and audience across the newly combine iCar Asia Indonesia business.

CEO of iCar Asia, Mr. Hamish Stone commented: “We are really excited to have completed the Acquisition and are looking forward to the next phase of integrating our operations in Indonesia to realise the synergies from the combination of two leading automotive portals in the largest automotive market in South East Asia.”

Click here to read the full press release.