Nasdaq-listed Vietnam ecommerce firm enters Thai market via buyout

Vietnam-based e-commerce firm Society Pass Inc. has acquired Thai company Thoughtful Media to penetrate Thailand’s market and expand its multi-platform digital video business.

The buyer, listed on Nasdaq as SoPa, did not disclose the price for its acquisition of the Thai firm, which already has an operating presence in the U.S., Vietnam, and the Philippines, according to Society Pass.

The deal marks SoPa’s first foray into the Thai market. The company said it was seeking further expansions in Vietnam, the Philippines, Singapore, and Thailand.

Thoughtful Media was founded in 2010 and delivered revenues of $5.8 million in 2021.

“Thoughtful Media Group’s social commerce-focused business model perfectly complements our future growth strategy for SoPa as we drive consumer eyeballs and generate revenues for riveting consumer brands throughout Southeast Asia,” Dennis Nguyen, SoPa founder, chairman and CEO, said in a release Wednesday.

SoPa holds a loyalty and data marketing ecosystem in Singapore, Vietnam, the Philippines, and Thailand, operating offices in Singapore, Hanoi, Ho Chi Minh City, Bangkok, Manila, and Angeles in the Philippines.

According to its website, SoPa is an acquisition-focused e-commerce holding company operating seven interconnected verticals namely loyalty, merchant software, lifestyle, food and beverage, telecoms, digital media, and travel.

Vietnam is expected to be the fastest growing e-commerce market in Southeast Asia by 2026, with gross merchandise value reaching $56 billion by 2026, 4.5 times the estimated value of 2021, according to a report by Facebook and Bain & Company late last year. The report described Southeast Asia as a leader in digital transformation in Asia-Pacific and Vietnam as one of the best performers.