After the Acquisition of UrbanIndo by 99.co, Arip Tirta Releases the Position of CEO

Local property portal UrbanIndo officially become part of 99.co Group, a property portal based in Singapore. This acquisition process has been running since the second quarter of 2017. The acquisition was made by 99.co to expand its service expansion in Indonesia, utilizing data owned by UrbanIndo.

In today's press conference (22/01), 99.co Country Manager for Indonesia, Irvan Ariesdhana, claimed to the media that so far UrbanIndo has proven its achievements as the number one property portal in Indonesia, with 2 million active visitors per month and a total of 1,2 million monthly visitors. more than XNUMX million listings.

"That reason ultimately strengthens our plan to acquire UrbanIndo, later the business model owned by 99.co will be combined with UrbanIndo, which so far has quite large data," said Irvan.

Although it still has its head office in Bandung, UrbanIndo, which is now part of the 99.co Group, will not move its office to Jakarta. For the C-Level line from UrbanIndo itself, Irvan mentioned that there was a change. UrbanIndo founder and CEO Arip Tirta, is no longer the CEO of UrbanIndo. The CEO position will be directly led by Darius Cheung CEO of 99.co. Meanwhile, Petra Barus still serves as CTO of UrbanIndo.

"We have to do this restructuring as part of 99.co and UrbanIndo's future plans to become the largest property portal in Indonesia and of course Southeast Asia," said Irvan.

99.co focus after acquisition

Launched in 2015, 99.co claims to have shown good growth, gaining popularity among consumers with its user-satisfactory design and search algorithm. After conducting meetings, research and evaluation, in the fourth quarter of 2017, the acquisition of UrbanIndo by 99.co was agreed.

When asked about the total value of the acquisition, 99.co refused to say for sure. Still focusing on the Greater Jakarta, Bandung and Surabaya areas, 99.co is supported by UrbanIndo targeting user growth of up to 10 times.

"Our team strongly believes that with the synergy between the leading property technology companies in both countries, we will provide more exciting new products in the future to serve buyers, agents and players. real estate market at the regional level," said UrbanIndo CTO Petra Barus.

Prior to the acquisition by 99.co, UrbanIndo had become a property portal competing with about 7 other property portals in the country, with 350 thousand subscribers, 75 thousand registered agents and 25 million pages clicked on the site per month.