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Glenn Kaonang · · 2 min readSCI taps Lazada co-founder as CEO, acquires his AI startup
SCI Ecommerce, a cross-border ecommerce enabler based in Singapore, has named Lazada co-founder Magnus Ekbom as its new group CEO. It has also acquired his AI startup, SEAI Technologies, for an undisclosed amount.
This appointment means that SCI founder and CEO Joseph Liu Jannan is stepping down after 15 years at the helm.
Magnus Ekbom, co-founder of SEAI, speaking at the Tech in Asia Conference 2024 in Jakarta. / Photo credit: Tech in Asia
SCI has also announced the appointments of Christine Zhao as group CFO and Ashwath Ramesh as group CTO. Zhao was previously ShopBack’s CFO, while Ramesh co-founded SEAI with Ekbom and served as its CTO.
Founded in 2014, SCI provides end-to-end cross-border ecommerce solutions for brands expanding across Southeast Asia, China, and other international markets. The company has raised approximately US$65.6 million in funding to date from investors such as Asia Partners and EDBI.
The firm aims to tap into the growing trend of Chinese exports shifting toward Southeast Asia amid the US-China trade war.
In 2023, SCI recorded US$492.3 million in revenue, a 12% year-on-year increase. Operating profit declined 39% from the previous year to US$2 million. The company reportedly plans to IPO in mid-2025.
Ekbom was part of Lazada’s founding team, which included Maximilian Bittner. Chinese tech giant Alibaba acquired Lazada in 2016 for US$1 billion.
In 2022, Ekbom left Lazada and co-founded SEAI in June 2024. “What we build is very similar to the product suite that Salesforce offers, barring Slack,” he said in a previous interview with Tech in Asia.
See also: Data should trump AI hype, Lazada co-founder tells CEOs
SEAI develops artificial intelligence tools designed to help businesses increase sales, identify risks, and organize complex data.
Following the acquisition, SCI will be able to “embrace the power of AI, automation, and data,” Ekbom said in a statement.
Editing by Thu Huong Le and Lorenzo Kyle Subido
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With a new CEO, fresh C-suite, and an AI acquisition, SCI Ecommerce is signaling a shift in direction.
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