Uplive parent ASIG poised to expand through acquisition upon completion of SPAC listing despite icy tech climate
- Asia Innovations Group says its broad footprint in emerging markets gives it room for growth
- US$200 million raises in SPAC merger will allow the company to pursue ‘huge opportunity’ through acquisitions
The parent company of social platform Uplive plans to brave the tech winter to expand its business by acquiring companies in emerging markets, but will shun the China market due to its “complex” nature.
“Last year the stock market was euphoria,” said chief executive Andy Tian of Asia Innovations Group (ASIG), the tech start-up behind live streaming service Uplive and dating app Lamour. “If last year was fire, then this year was ice.”
Precarious global economies have slowed advertising spending and sent chills up the tech industry’s spine, leading to lay-offs at many giants including Meta Platforms, Amazon and more recently Google, as well as smaller platforms like Lyft and Snap.
“Tech companies are driven by capital,” Tian said. “Thus when the capital market cools down, generally we will see a cool down on tech.”
But ASIG believes that despite the crunch, the company is a good pick for investors thanks to its broad footprint in emerging regions and its diverse line-up of products.