Thai billionaire heir’s Eko announces acquisition, new parent firm

Thai workplace app Eko announced that it has acquired local AI chatbot firm ConvoLab for an eight-figure-dollar sum, in a mix of stocks and cash. It also launched a new parent company called Amity as part of its digital and global expansion plans.

Amity CEO Korawad Chearavanont / Photo credit: Amity

Founded in 2016, ConvoLab uses natural language processing to help its clients engage with their customers through various channels. With the acquisition, it will be part of Amity’s portfolio, which already includes Eko and app development kit Upstra.

ConvoLab CEO and co-founder Touchapon Kraisingkorn will also join Amity as vice president and head of technology while leading ConvoLab’s operations.

“Amity plans to invest heavily in AI and work automation, and we believe chatbots will be one of the main mediums in which AI will be able to assist humans in the workplace,” said Eko co-founder Korawad Chearavanont, who now becomes CEO of Amity.

Korawad is the son of Suphachai Chearavanont, chairman and CEO of Thai conglomerate CP Group.

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Following the acquisition, Amity – which operates in Bangkok, London, Austin, and Milan – looks to invest further in its products and growth.

The company has raised nearly US$30 million in funding to date from investors such as Gobi Partners, East Ventures, 500 Startups, and Wavemaker Partners, among others. Having achieved breakeven status recently, Amity said it has no plans to raise new funds in the foreseeable future.

In total, the firm has over 5 million active users from almost 100 enterprise clients across Asia, Europe, and North America, according to a statement. It also claims to have achieved 200% consolidated year-over-year revenue growth and an increase of over 50% in revenues from February.