Home Dating apps Asia Innovations Group to Become a Publicly Listed Company Through Merger with Magnum Opus Acquisition Limited (OPA)

Asia Innovations Group to Become a Publicly Listed Company Through Merger with Magnum Opus Acquisition Limited (OPA)


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Asia Innovations Group Limited (“ASIG” or the “Company”) today announced that it has entered into a definitive merger agreement (the “Merger Agreement”) with Magnum Opus Acquisition Limited (NYSE: TAKEOVER) (“TAKEOVER”) , a special purpose acquisition company. The proposed business combination transaction (the “Business Combination”) provides for an equity valuation of $2.5 billion for the combined company. The proposed transaction represents the largest consumer Internet SPAC merger announced to date in 2022.

Transaction Highlights

  • ASIG operates an integrated platform of products designed for mobile devices across social media, mobile gaming, e-commerce and payments. As of December 31, 2021, ASIG had over 400 million registered users located in 150 countries and regions across Asia-Pacific, South Asia, Middle East and North Africa, and North America and the South. ASIG’s products include Uplive, one of the world’s largest live video platforms, leading live social dating apps Lamour and CuteU, and fast-growing e-commerce platform Hekka.
  • ASIG is headquartered in Singapore and has 18 offices around the world, with over 1,000 employees from 23 countries on five continents.
  • Revenue growth reached over 100% year-over-year in fiscal 2021, making ASIG the fastest growing consumer internet company by revenue and scale[1] to announce a SPAC merger in 2022.
  • Mobile and social market penetration remains low in many emerging markets, which, combined with continued high GDP growth, presents extraordinarily positive macroeconomic tailwinds for ASIG. ASIG user engagement growth and time trends continued their upward trajectory before, during, and after the COVID-19 pandemic. For example, in 2021, active users spent an average of 62 minutes per day on Uplive.
  • The estimated gross proceeds of the transaction are expected to total $200 million in cash from IPO proceeds held in trust (assuming no buyouts), plus up to $150 million. million from a planned capital increase after the announcement. This proceeds, net of transaction costs, are expected to be used to fuel ASIG’s continued growth by expanding the reach of its products in its 150 active countries and regions, further expanding its user base and pursuing accretive acquisition opportunities.
  • On a pro forma post-closing basis, existing ASIG shareholders, all of whom are expected to transfer 100% of their equity into the combined company, will own approximately 84% of the resulting equity interest in the combined company, assuming no buyout by the takeover shareholders.
  • The transaction is expected to close in the first quarter of 2023, subject to satisfaction of customary closing conditions and approvals, and has been unanimously approved by the ASIG and OPA Boards of Directors. Upon completion of the proposed business combination, the combined company will be named “Asia Innovations Group Limited”. The common shares of ASIG are expected to trade under the proposed new ticker symbol “ASIG” following the completion of the proposed business combination.

Management and Investor Commentary

Andy Tian, ​​CEO of ASIG, said, “Emerging markets, from Africa to Asia to South America, are currently undergoing a transformation fueled by the spread of advanced mobile technology, rapidly growing economies, young populations and rapidly improving infrastructure. is building a unique, well-diversified global business across key verticals of social media, gaming, e-commerce and payments, on an integrated platform with strong synergies that will amplify growth in the years to come. The proposed merger will combine the best of macro growth in emerging markets and the advantages of being a publicly traded company in the United States to transform ASIG into a global mobile powerhouse.”

Jonathan Lin, President and CEO of OPA, said, “We created OPA with the belief that the right SPAC merger creates a synergistic partnership that can unlock shareholder value. It has been a privilege to work closely with Andy and his management team who have pioneered a massive company with leading positions in highly strategic emerging markets in the live social category. We believe ASIG is ready for the public market and at both a strategic and financial inflection point with the potential to become a leading global consumer company. We look forward to bringing our public market experience and our business network to strengthen ASIG.”

Jason Zhaopartner of Kleiner Perkins, said: “Since Kleiner led ASIG’s first investment round in 2014, we have seen ASIG grow from a concept to a leading global platform that has continuously delivered products innovative mobile social services to users around the world. ASIG was one of the first global companies to focus on emerging market mobile products in 2014 and has since built a unique multi-vertical and multi-region business. Kleiner will continue to support ASIG in its growth to become a public leader in emerging markets.

Ben HarbourgManaging Partner of MSA Capital, said, “Asia Innovations has pioneered and popularized mobile-centric entertainment and social models that have proven to capture emerging and mature markets by serving mobile digital native consumers more effectively. the product line is designed to be a leading next-gen social platform for the world’s most successful marketplaces. »

Leader in the emerging mobile social market

Since its inception in 2016, ASIG’s flagship product, Uplive, has become one of the most popular live social platforms in the world, connecting hundreds of millions of users in emerging markets through its rich and innovative features. , including multi-party video and voice chat rooms, real-time translation, and high-fidelity 3D avatars with real-time motion tracking. These features, combined with highly localized content for various regions, have created a new online global village.

ASIG has also built one of the world’s largest portfolios of dating apps for emerging markets. According to SensorTower, ASIG’s CuteU and Lamour ranked #2 and #4 respectively in downloads in 2021, among global Android dating apps. Lamour and CuteU showcase many of Uplive’s innovations, such as real-time translation, virtual gifts, and live video/voice.

Going forward, ASIG plans to continue to leverage its vast operational presence and social user base in 150 countries and regions to grow its direct-to-consumer e-commerce platform Hekka and to bring next-generation mobile games. from Asia to the rest of the world. These two new verticals are expected to unlock significant synergies and together build a robust and scalable mobile ecosystem in emerging markets. Finally, ASIG has created positive ESG impact in the real world, enabling millions of creators in emerging markets to earn much-needed income, especially during the pandemic. ASIG has received accolades around the world, including an Innovative Social Application Award from Rotana, one of the largest media groups in the Middle East, and recognition from the US Congress in 2022 for ASIG’s Distinguished Service to the autism community.


Kirkland and Ellis acts as legal counsel, Evercore Group and Incentrum act as financial advisors to ASIG. XCap Partners Limited and the Jones Group act as corporate financial advisors to ASIG. white and case acts as legal counsel to the OPA. Maples and Calder (Hong Kong) LLP acts as the Cayman Islands legal adviser to ASIG and OPA.

About Asia Innovations Group

Asia Innovations Group (ASIG) is a leading mobile social enterprise in emerging markets. As of December 31, 2021, ASIG serves over 400 million registered users located in over 150 countries and regions around the world. It has built a comprehensive and diverse portfolio as it seeks to fulfill its mission to enrich the lives of people around the world through innovative and enjoyable live social products that foster meaningful human connection. ASIG operates out of eighteen offices around the world that provide deep local market knowledge in all major emerging markets to augment the company’s cutting-edge technology and scalable global infrastructure. ASIG’s portfolio includes leading apps such as Uplive, the global live video platform, CuteU and Lamour, the dominant dating apps in global emerging markets, as well as other live social apps based on voice and games.

About Magnum Opus

Magnum Opus Acquisition Limited is a special purpose acquisition company sponsored by L2 Capital, a private investment firm. Magnum Opus is a partnership of business builders and public and private market investment specialists with extensive operating and investing experience across the business life cycle, from creation, scaling of operations up to listing on the stock exchange. Magnum Opus aims to partner with public companies at the forefront of the convergence of consumer and technology. Magnum Opus’ mission is to help companies achieve their vision as they embark on their journey to public markets and face new opportunities, challenges and stakeholders.