Digital Classifieds Group acquires leading Bangladesh portal Bproperty
Australian-based Digital Classifieds Group (DCG) has acquired the leading Bangladeshi online property marketplace Bproperty in a newly confirmed acquisition. The deal means DCG substantially grows its footprint in frontier markets and acquires a business of a major scale.DCG will see its global workforce grow to more than 550 and increase revenue by over 100% via the transaction, which has been completed despite the macroeconomic challenges currently facing the tech and property sectors globally.
DCG has built dominant property classifieds in frontier markets since 2013 and has operations primarily in Cambodia, Papua New Guinea and Laos, plus a joint venture and investment in Thailand-based proptech the FazWaz Group. In recent years DCG has transitioned its business model from advertising to transactional services in order to accelerate its growth.
Bproperty was established in 2016 and is the leading property platform in Bangladesh, renowned as a pioneer in the country’s real estate sector for providing online and offline market-leading consumer experiences and solutions in the frontier market with a population of more than 165 million people.
Under the terms of the deal, the current owners of Bproperty will become substantial shareholders of DCG. Mark Nosworthy, CEO of Bproperty, will also join the Board of DCG.
Nosworthy said it was an exciting time.
“I'm thrilled that through this transaction, we will continue to see Bproperty grow in Bangladesh as well as work collaboratively with DCG’s other markets to cement its position as Australia’s leading operator of property classifieds in Asian frontier markets.” he said
DCG Group CEO Mathew Care views this as a significant milestone in the growth of the DCG Group.“We have long been impressed by the Bproperty operations in Bangladesh where they have single-handedly created the dominant classifieds and transactional property marketplace.” he said.
“I wholeheartedly welcome the Bproperty team to the DCG family and look forward to working with Mark so we can learn from his undeniable experience to help our upward growth. We look forward to the shared learnings within our teams in all markets.”
With the addition of the dynamic Bangladeshi, market DCG enters its single biggest frontier market to date, increasing its reach threefold. The group now serves approximately 200 million people across six countries.
DCG will now look to consolidate its position in all markets as the leading operator of property classifieds in Asian frontier markets.
“DCG is now at a material scale that allows us to serve our customers more effectively and efficiently. This is a critical step in the growth of our business.” Care said.
CONTACT INFORMATION:
Mathew Care
CEO & Co-Founder
[email protected]