Nasdaq-listed firm’s Indonesia travel unit takes over Vietnam hotel platform
Vietnam-based Nasdaq-listed Society Pass Inc.’s online travel agency NusaTrip has acquired VLeisure, an online business-to-business hotel platform in Vietnam.
Society Pass founder, chairman and CEO Dennis Nguyen, also chairman of NusaTrip, signed the acquisition deal with VLeisure founder and managing director Phan Le in Jakarta on Thursday. They did not reveal the transaction value.
Society Pass founder, chairman and CEO Dennis Nguyen (right) and VLeisure founder and managing director Phan Le announce their acquisition deal in Jakarta on April 13, 2023. Photo courtesy of Society Pass.
Based in Ho Chi Minh City, VLeisure services small- and medium-sized hotels in Vietnam and empowers online and offline travel agencies to manage and distribute travel products and services.
The deal marked NusaTrip’s first acquisition outside Indonesia. In early March, the travel company opened its Vietnam office, located in Ho Chi Minh City, representing its third Southeast Asian office outside of Jakarta, following the opening of offices in Singapore and Manila earlier this year.
NusaTrip will continue to acquire online and offline travel agencies in Southeast Asia as it builds a regional travel platform servicing the booming travel market.
Dennis Nguyen said, “VLeisure seamlessly blends into our user and merchant growth strategy. We combine NusaTrip’s robust flight business-to-business technology and business-to-consumer operational breadth with VLeisure's extensive hotel management software solutions.
“With Phan's significant experience and knowledge of the Vietnamese travel sector, I appoint him as the managing director of NusaTrip Vietnam.”
He added, “As a Vietnamese, I am proud to continue to finance and support Vietnam’s start-up sector with this VLeisure acquisition.”
According to the Vietnam National Administration of Tourism, the country’s tourism sector expects to welcome 110 million tourist arrivals in 2023, including 8 million foreign arrivals, to create total revenue of $27 billion, representing 5.7% of Vietnam’s projected 2023 GDP of $469 billion.
“I am proud to join Society Pass, the first Vietnam-based company to be listed on Nasdaq,” said Phan, VLeisure founder and managing director.
Society Pass (Nasdaq: SOPA) acquired Bangkok-headquartered Thoughtful Media last July, and the Thai firm launched its Vietnam digital advertising platform in HCMC early this April.
“With SoPa's rapid growth and NusaTrip’s position as a leading International Air Transport Association-licensed travel platform in Indonesia, VLeisure is now able to access our parent companies’ infrastructure of capital, technology, marketing, and customer support, allowing us to better serve our Vietnam-based customers and accelerate growth in our hotel business,” Phan said.
Founded in 2011, VLeisure serves as an online marketplace for hotels, airlines, and travel agencies.
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