Gobi Partners, a China-Singapore venture fund, together with a group of angel investors, announced today its sales of CIB stakes to Asiasoft. CIB is an online operator of games in Malaysia and Singapore which received funding from Gobi Partner last year.
The total consideration for the transaction is SGD 11 million in cash, for 61.7 percent of CIB Development, which values the company at S$17.8 million (about US$14 million) . Ku Kay Mok, partner at Gobi Partners Singapore, also confirmed the valuation.
In addition to the funding, Gobi Partners also helped CIB expand to China and prepared the company for an IPO on the Malaysian ACE market. The acquisition will boost Asiasoft’s online gaming market share in Malaysia from 17 percent to 43 percent. The management team at CIB will continue to run the show in Malaysia. But it will be under the Asiasoft brand.
With this sale Gobi Partners claims to have achieved 60 percent in internal rate of return (IRR), a quantitative measurement to judge a fund’s profitability of investments.
An earlier version of this article mistakenly said “SGD 16.4 million (about US$13 million).” ↩