Society Pass (Nasdaq: SoPa) Marks First Foray Into Indonesia by Acquiring Jakarta-based NusaTrip, Indonesia’s First International Air Transport Association-Accredited Online Travel Agency

Rhea-AI Summary

Society Pass Inc (Nasdaq: SOPA) announced the acquisition of NusaTrip, a leading Online Travel Agency in Indonesia, marking its expansion into the booming Southeast Asian travel market. NusaTrip has onboarded over 1.2 million users and offers products from 500 airlines and 200,000 hotels. This acquisition will enhance Society Pass's ecosystem, integrating multiple business verticals and improving user and merchant growth strategies. The move capitalizes on the growing demand for travel in the post-pandemic landscape, driven by a rising middle class and government tourism initiatives.

Positive

• Acquisition of NusaTrip expands Society Pass's market reach in Southeast Asia's travel industry.
• NusaTrip's established user base of over 1.2 million enhances Society Pass's ecosystem.
• Anticipated growth in travel demand post-pandemic due to increased consumer engagement and government initiatives.

Negative

• None.

Jakarta, Indonesia, Aug. 15, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Society Pass Inc(Nasdaq: SOPA), Southeast Asia’s (“SEA”) next generation digital ecosystem, announces the acquisition of NusaTrip(“NusaTrip”), a leading Jakarta-based Online Travel Agency (“OTA”) in Indonesia and across SEA. The NusaTrip acquisition extends SoPa’s business reach into the booming SEA regional travel industryand marks SoPa’s first foray into Indonesia as well as adds to SoPa’s growing ecosystem of technology-enabled companies located in Vietnam, Indonesia, Philippines, Singapore and Thailand.

Established in 2013 as the first Indonesian OTA accredited by the International Air Transport Association, NusaTrip pioneered offering a comprehensive range of airlines and hotels to Indonesian corporate and retail customers. With its first mover advantage, NusaTrip has onboarded +1.2 million registered users, +500 airlines and +200,000 hotels around the world as well as connected with over 80 million unique visitors. 

Dennis Nguyen, Society Pass Founder, Chairman and Chief Executive Officer, explains, “We happily welcome NusaTrip into our ever-expanding SoPa ecosystem. NusaTrip seamlessly blends into our user and merchant growth strategy as we enter yet another leading SEA market. We combine the robust technology and operational breadth of NusaTrip’s e-commerce travel platform with our  extensive brand  building  experience in SEA.  With this acquisition, SoPa now cross-pollinates and integrates our six verticals (loyalty, lifestyle, food & beverage, telecoms, digital media and travel) into one cohesive loyalty and e-commerce platform to provide enhanced products and services for our consumers and merchants throughout the largest countries of SEA. SoPa has grown from strength to strength in 2022 as we opportunistically acquire market leading companies and partner with visionary entrepreneurs, underlining our unique aggregator approach that reflects immediate returns in terms of increased revenue generation and cost optimization.”

Patrick Soetanto, Society Pass Indonesia Country Manager, adds, “We will expand NusaTrip’s services to support future growth pathways in more SEA countries in the very near future by integrating more travel product lines in its mix and developing more competitive products for a much larger international and regional audience.” 

Well-positioned to benefit from a high-growth travel industry, Indonesia's and SEA’s inbound and outbound travel revenues are expected to continue soaring as increasingly more consumers engage in post-pandemic travel. This marked increase in demand is driven by strong government initiatives to boost tourism, the rise of Indonesia’s burgeoning middle class and strong internet penetration, which enables more Indonesians to easily book flights and hotels through OTAs.

“NusaTrip is proud to officially partner with SoPa. By joining forces with SoPa’s extensive ecosystem and large user and merchant bases in SEA, we are thrilled about the combined marketing capabilities. With the revival of the travel market throughout SEA in 2Q/3Q 2022, NusaTrip aims to dramatically increase its customer base by offering the region’s business and leisure travellers more competitive, no-surcharge hotel and flight fares, convenient payment methods, and speedy itinerary bookings with our user-friendly platform,” comments Menak Galumbang, Co Founder, NusaTrip. 

About Society Pass
As a digitally-focused loyalty and data marketing ecosystem in Vietnam, Indonesia, Philippines, Singapore and Thailand and with offices located in Angeles, Bangkok, Hanoi, Ho Chi Minh City, Jakarta, Manila, and Singapore, SoPa is an acquisition-focused e-commerce holding company operating 6 interconnected verticals (loyalty, lifestyle, F&B, telecoms, digital media, and travel), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.

SoPa’s business model focuses on analysing user data through its Society Pass loyalty platform and circulation of its universal loyalty points or Society Points. The Society Pass loyalty platform drives customer acquisition and increases customer retention for merchants. Since its inception, SoPa has amassed over 3.3 million registered consumers and over 205,000 registered merchants/brands onto its platform. It has invested 2+ years building proprietary IT architecture with cutting-edge components to effectively scale and support its consumers, merchants, and acquisitions.

Society Pass leverages technology to tailor a more personalised experience for customers in the purchase journey and to transform the entire retail value chain in SEA.SoPa operates Leflair.com, Vietnam’s leading lifestyle e-commerce platform, Pushkart.ph, a popular grocery delivery company in Philippines, Handycart.vn, a leading online restaurant delivery service based in Vietnam, Gorilla Networks, a Singapore-based, web3-enabled mobile blockchain network operator, Thoughtful Media Group, a Bangkok-based, a social commerce-focused, premium digital video multi-platform network, and Mangan, the leading local restaurant delivery service in Philippines.
For more information, please check out: http://thesocietypass.com/.

Media Contacts:
PRecious Communications
sopa@preciouscomms.com

Attachment

• SOPA

FAQ

What is the significance of Society Pass acquiring NusaTrip?

The acquisition signifies Society Pass's entry into the Southeast Asian travel market and enhances its ecosystem by integrating multiple business verticals.

How will the acquisition of NusaTrip impact Society Pass's growth?

It is expected to drive user and merchant growth due to NusaTrip's established platform and user base, benefiting from the rising travel demand.

What are NusaTrip's accomplishments prior to the acquisition?

NusaTrip boasts over 1.2 million registered users and offers travel products from 500 airlines and 200,000 hotels.

When was the acquisition of NusaTrip by Society Pass announced?

The acquisition was announced on August 15, 2022.

What market segment does Society Pass aim to capture with this acquisition?

Society Pass aims to capture the rapidly growing travel segment in Southeast Asia, specifically targeting post-pandemic tourism.