PricePanda, a Germany-based consumer price comparison platform backed by retail chain Tengelmann, agreed on Thursday to merge with GetPrice, an Australia-based competitor backed by media company News Corp.
The newly merged company also received an undisclosed amount from PricePanda’s existing investors: Tengelmann’s corporate venturing unit Tengelmann Ventures, investment firm Kinnevik and Asia Pacific Investment Group, the joint venture between incubator Rocket Internet and telecommunications company Ooredoo.
Dubbed Next Commerce, the merged company will operate in nine countries across the Asia Pacific region and reach more than four million customers. PricePanda and GetPrice will continue to operate under their own brands in their respective markets.
PricePanda previously raised $3m from Tengelmann Ventures in January 2014. It has not officially confirmed earlier funding, but has reportedly attracted $12.8m in capital to date.
Founded in 2005, GetPrice received funding from News Corp in 2007 before the media company acquired it wholly in 2010. GetPrice’s founders bought the company back in 2012 before amalgamating its service into a wider company named Next Commerce.
Philip Wegener, managing director of PricePanda, said: “Given the tremendous opportunities in the large and rapidly growing Asia Pacific market, we are excited to capitalise on the combined expertise that will enable us to pursue new initiatives in mobile, media, and launching new products and services in the region.
“We are convinced of the strategic benefits of this alliance, forming a strong market leader with an impressive track record both in technology and operations.”