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eBay acquires stake in Vietnamese e-Comm start-up
Peacesoft Solutions was founded in 2001 by Nguyen Hoa Binh
eBay has acquired a 20% stake in Vietnamese e-Commerce startup Peacesoft Solutions for $2m.
Peacesoft Solutions was founded in 2001 and is based in Hanoi, Vietnam. It provides online content management software, video-conferencing in Vietnam, besides operating an online auction website.
Under the agreement, eBay will have a representative on the Vietnamese company’s board and guide its expansion plans. PeaceSoft and eBay have been working together since 2008, reported the Financial Times.
Backed by venture capitalists IDG Ventures, PeaceSoft has leveraged the rapid spread of the Internet in Vietnam and has about one million users.
PeaceSoft founder Nguyen Hoa Binh expects the company to grow by 80% this year. The 30-year-old entrepreneur claims his company is worth “around $20m.”
Binh said, “Entering into a non-English-speaking market like Vietnam is a challenge for Ebay…It’s a wise move to combine with a local partner.”
Ebay’s director of communications in the Asia-Pacific region Daniel Feiler said, “These days almost everything is manufactured in Asia.”