Malaysian media giant Star Publication has agreed to acquire 90 percent of the startup Ocision, which runs Airbnb-like service iBilik, property listing site Propwall, and Carsifu.my, for RM 13.5 million ($4.36 million).
Founded by Ng Say Joe, Ocision is now valued at $4.84 million by this acquisition. Previously, the startup received funding from angel investor Tan Swee Yeong and Crystal Horse Investments (CHI). This acquisition marks CHI’s first exit in the region. A CHI representative tells us:
iBilik actually beat Airbnb in Malaysia and Singapore in a short period of time and Joe is really a very dedicated founder and delivered every milestone to his investor. [We] all strongly believe with The Star group acquisition, Ocision is in a more capable hand to bring it to the next level.