“We are excited by this opportunity ... it represents a significant step in completing our vision and strategy to accelerate growth in our core business ... to provide an end-to-end marketing solution and better values to brand manufacturers & consumers."
Oakland, CA (PRWEB) April 6, 2010
Wigix, Inc. today announced that it has acquired a Shanghai-based business process outsourcing company, Mag2U, to enhance DDKU’s growing internet presence as well as provide a multi-channel marketing network to acquire, retain and service customers in China. DDKU, a web-based community driven marketplace and wholly owned subsidiary of Wigix, will merge operations with Mag2U. Mag2U, a privately held company, is the largest magazine subscription processor in China currently with operations in Shanghai and Hangzhou.
“We are excited by this opportunity because it represents a significant step in completing our vision and strategy to accelerate growth in our core business which is to provide an end-to-end marketing solution as well as better values to our brand manufacturers and consumers,” said James Chong, CEO of Wigix, Inc. “We plan to replicate Mag2U’s operational success in Shanghai and Hangzhou to other first and second line cities in China which comprise approximately 400 million middle class consumers in China. This will allow DDKU/Mag2U to provide brand advertisers a competitive edge and an invaluable service. Currently, for a brand advertiser to gain access to any second-line city’s targeted consumer segment, it is extremely difficult; however, soon, it will be an achievable reality.”
An independent market research study concludes that only 20% of all magazines sold in China are via subscription confirming the vibrancy of this nascent business niche. With Wigix’s experienced team and technological expertise mixed with Mag2U’s proven business model as well as logistic and fulfillment process know-how, it will enable the company to distinguish itself as a market leader in providing an end-to-end marketing platform for brand advertisers.
This acquisition not only facilitates DDKU’s payment collection and order fulfillment of its online transactions due to Mag2u’s logistic network; but also, provides DDKU the ability to uniquely leverage and expand into other business adjacencies and propel Wigix’s revenue growth.
Wigix (http://www.wigix.com) is a catalog of all products, a listing of who owns them and what they are worth by leveraging an innovative, open, and highly scalable community-driven process. This database-driven platform enables an easy search experience for any item and its associated meta-data and NASDAQ stock-market-style liquidity. Wigix’s catalog has over three million unique items and is structured to allow buyers and sellers to easily find specific products and avoid the common problem of multiple listings that exist on other sites. Take a look at the uniqueness of Wigix’s product pages on items such as the Nintendo Home Console Game System as well as the Xbox Live 12 Months Gold Subscription Cards respectively: http://www.wigix.com/index.php/item/detail/8911/Nintendo-span-stylecolor-de4e00bWii-b-span-Home-Console-Game-System and http://www.wigix.com/item/2175821/Microsoft-Xbox-Live-12-Months-Gold-Subscription-Card .
Wigix is headquartered in Oakland, California, but also has operations in China and is funded by venture capital firm, Draper Fisher Jurvetson.