ShopperBoard, a Singapore-based fashion marketplace startup, has been acquired by digital marketing agency Hashmeta for a still undisclosed amount, the agency said in a statement posted on its website.
ShopperBoard, which was launched in 2013, now becomes a wholly-owned subsidiary of Hashmeta Technology Pte Ltd, which provides consultancy, website design, search marketing, social media marketing, content marketing, and influencer marketing.
Hashmeta founder and CEO Terrence Ngu said the vision for the acquisition is simple: that is to provide the most value to customers in terms of service and technology. In the future, Ngu said the combination of ShopperBoard and Hashmeta will provide a revenue base that is larger and more diversified.
Founded by Khur Boon Kgim and Richard Kok, ShopperBoard currently operates an app that features more than 70 Singapore brands, such as Neomello, Ohvola, and Love Bonito. The app, according to co-founder Kgim, receives millions of page views per month.
The ShopperBoard users are highly-targeted young and savvy female shoppers between the age of 18 and 44, mostly Singaporeans who are regular online shoppers. The startup said its users access its more than 200,000 hot products on public transport, in cafe, or offices.
In a statement, Hashmeta said it will further develop the ShopperBoard platform by investing in research and development and then integrate ShopperBoard into StarNgage, Hashmeta’s influencer network platform.
A team of five Hashmeta employees will also be joining the team of ShopperBoard to streamline and optimise the operations of both companies, Hashmeta said.
“We are excited to have experienced partners onboard to help shape the future of social influence in the ecommerce sector, according to Ngu.
According to a report released by US-based export.gov, Singapore’s ecommerce market is expanding rapidly on the back of ultra-high speed internet connection and reliable infrastructure.
The city-state’s tech-savvy population and the government’s efforts to promote a digital economy also contribute to the rapid expansion of online shopping in the country, according to the report.
Singapore’s ecommerce revenue is forecast to reach $4.99 billion by the end of this year, according to Statista Portal.