Gigger Group is preparing the next step for international expansion, including a letter of intent for a joint venture together with Emerging Classified Ventures (ECV)
Gigger Group AB ("Gigger" or "the Company"), undergoing a name change to Syncro Group AB, announces that the investment in internationalisation is now entering the next phase after the Company launched Gigger UK in the United Kingdom on 10 November. As part of that investment, Gigger Group AB has today signed a Letter of Intent (LOI), with Emerging Classified Ventures (“ECV”), to establish Gigger Group's SaaS platforms with market offerings in emerging markets around the world.
ECV, which began operations in 2017 and is headquartered in Sydney, Australia, collaborates with SaaS companies through joint ventures in which they introduce, and commercialize, their operations through ECV’s established and extensive networks in over 90 countries in Asia, America and Africa.
ECV has a portfolio of over 100 online marketplaces in emerging markets in all the countries they are represented.
Since its inception, Gigger Group has had a clear strategy to grow territorially, through acquisitions and new business models. With this initiative, the Company follows the defined strategy by creating the opportunity to establish Gigger Group's companies internationally; all of the companies have SaaS platforms that have been built for the international growth markets which are judged to be growing rapidly.
In order to be able to perform this at a fast pace, Gigger Group chooses to accomplish a part of that investment through a joint venture with ECV.
"We identified ECV a year ago as a serious, and seasoned partner to work with for the establishment of Gigger Group's operations in emerging markets, that are in rapid development, without financial risk," says Claes Persson, Acting CEO of Gigger Group AB. “The initial part of the collaboration involves an invaluable plan to expand our subsidiary, Gigger, to the British Commonwealth countries such as Australia, New Zealand and Kenya; as well as counties where ECV has an established and extensive network of partners to give the collaboration a kick-start. With this initiative, we once again demonstrate that we’re doing what we say we will do - in accordance with Gigger Group's strategy. We are sought after in many markets and the current times, and digital landscape, are in our favour.”
Australia, New Zealand and Kenya are major markets for the gig economy. As Commonwealth countries, their judicial systems descend from the British Common Law system - this effectively reduces the challenges for Gigger, and other Gigger Group companies, who have successfully navigated the legal and tax environment of the UK.
Between 2015 and 2019, the gig economy in Australia doubled and is now worth about $ 6.3 billion according to the Australian Actuaries Institute. In June 2020, the number of unemployed amounted to 7.5%, which was the highest figure in the country in 20 years according to The Australia Bureau of Statistics. For many, the gig economy then became an important tool for continuing to maintain an income.
-”Both ECV Group and Syncro Group have a strong understanding of and belief in the power of combining online marketplaces and social media but with clearly complementary market focus. We are excited to explore and capture the strong synergies and cross fertilisation potential between the two Groups” - Fredrik Orrenius, VD Emerging Classified Ventures Pty Ltd.
The parties intend to enter into a formal joint venture agreement during the first quarter 2022.
A joint venture is a commercial agreement between two or more participants who agree to work together to achieve a specific goal.
For more information:
Gigger Group AB
Magnus Winterman, Head of Investor Relations
Phone: +46 (0) 722 95 99 55
E-post: magnus.winterman@gigger.se
Gigger Group AB
Claes Persson, interim. CEO
Phone: +46 (0) 722 24 70 50
E-post: claes.persson@gigger.se
Emerging Classified Ventures Pty Ltd
Fredrik Orrenius, CEO
Phone: +61435850250
E-post: Fredrik@classifiedsventures.com
https://www.classifiedsventures.com/
About Gigger Group AB (soon to be known as Syncro Group AB)
Gigger Group AB is a listed company with an offensive strategy to own, manage and refine Saas companies in the new market economy. The portfolio includes companies with SaaS platforms that have been developed with the market's most modern technologies, each of which is self-sufficient and synchronizes and maximizes results with other companies in the portfolio. The goal is to identify and acquire SaaS companies with a superior business strategy and a digital platform that can become leaders within their business area. Each company must contribute to opening possible synergies between the other companies in the group.
About Emerging Classified Ventures Pty Ltd
Emerging Classifieds Ventures Pty Ltd builds, expands, operates and capitalizes on and collaborates with SaaS-enabled online marketplaces in early emerging markets, primarily for companies in the real estate and automotive industries.
