Report: aCommerce mulls share sale at up to $300m valuation

The aCommerce team / Photo credit: aCommerce

The founders of aCommerce Group are considering divesting shares in the Thailand-based firm via a deal that would value it at between US$200 million and US$300 million, sources with knowledge of the matter told Bloomberg.

Shareholders, including co-founder and CEO Paul Srivorakul, have contacted potential buyers and are reportedly working with a finance consultant for the possible sale.

In a statement to Tech in Asia, Srivorakul said aCommerce does not comment on capital raising or exit initiatives.

However, he added that the company had reached net income profitability in the fourth quarter of 2023, following three consecutive quarters of EBITDA breakeven.

“In 2023, we experienced a significant 18.6% increase in our end-to-end merchandising value, greatly outpacing the sector’s average,” Sriborakul said. He also noted that aCommerce’s expansion into live commerce and investments into AI “position [it] well for continued growth.”

Established in 2013, aCommerce helps businesses manage, market, and develop their online stores. It also provides consultation and traning as well as warehousing and fulfillment services.

The company operates in Indonesia, Thailand, Malaysia, Singapore, and the Philippines. Some of its customers include major brands like L’Oreal, Adidas, Unilever, and Nescafe.

NTT Docomo Ventures, KKR-backed Emerald Media, and MDI Ventures are among aCommerce’s current investors.

Notably, the firm once considered an initial public offering but decided against it. At that time, it was reportedly seeking to sell 1.6 billion shares, representing approximately 35% of its share capital. It was aiming to raise between US$250 million and US$300 million.

However, aCommerce laid off some of its employees in June 2023, citing a shifting business landscape as one of the factors behind the move.

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