Axiata Digital Services announced a strategic minority investment from Mitsui & Co. The digital services arm of Axiata Group did not reveal the size of the investment and equity.
The investment establishes a pre-money enterprise value of $500 million for the core digital businesses of AD.
Axiata Digital Services has Boost, a e-wallet service in Malaysia with presence in Indonesia, ada (analytics.data.advertising), a digital agency in the region, and Apigate, an emerging API platform provider.
Axiata Digital Services will use the funds to power the next phase of growth for its core businesses.
“Our shift to be more focused in the three vertical areas has seen our businesses grow at a strong pace in 2018,” said Mohd Khairil Abdullah, CEO of Axiata Digital.
Axiata Digital recently announced its deals to transfer the rest of its portfolio, called Digital Venture (DV) assets, to Pegasus 7 Ventures, an international investment fund, managed by Gordian Capital at a valuation of $140 million.
The pre-money valuation of the three core digital businesses (Boost, ada, Apigate) and DV assets represents a 2.6x multiple against the cumulative digital investment of $244 million since the inception of Axiata Digital,” said Tan Sri Jamaludin Ibrahim, president and group CEO, Axiata Group.