Intel invests US$17m in Southeast Asian firms
By Asia Cloud Forum editors 01-Jun-2012
Intel Capital, Intel Corp's global investment and merger and acquisition organization, has invested US$17 million in two Southeast Asian companies: Singapore-based Reebonz.com, a private sales e-commerce group for luxury goods, and Hanoi-based Vietnam Communications Corporation (VC Corp), an internet infrastructure and services company. The announcement was made at the World Economic Forum East Asia (WEF EA) in Bangkok.
"Southeast Asia is one of the world's fastest-growing markets for high technology, driven by robust economic growth and a rising middle class," said Gregory Bryant, vice-president and general manager at Intel Asia-Pacific. "As a result, we're seeing strong demand for e-commerce and cloud-based services across the region and these investments will help to accelerate that trend."
Reebonz.com sells luxury goods, including fashion items such as handbags and accessories to customers across Southeast Asia, North Asia and Australia. VC Corp offers online content, e-commerce, social media, ad networks and mobile value added services, creating the largest ecosystem of online and mobile services in Vietnam. Intel Capital has lodged an application for registration of its investment in VC Corp with the relevant licensing authority in Vietnam.
Intel Capital started investing in Southeast Asia in 1999, since then it has invested more than US$95 million in over a dozen technology companies. Intel Capital has invested more than US$139 million globally in 2012.
"Reebonz and VC Corp are examples of companies that are successful in getting Southeast Asians online because they provide engaging experiences tailored towards the needs and cultural preferences of consumers in the region," said Arvind Sodhani, president of Intel Capital and executive vice-president for Intel.
The chipmaker has operated in the region since 1972 and has a workforce of more than 10,000 employees. In addition to ongoing investment activities, Intel has trained 520,000 teachers in the region to leverage IT in the classroom through the Intel Teach program.