Steven Goh’s social networking business mig33 has acquired an online music community as it seeks to add value while progressing an ASX listing.
Last month Business News reported that listed resources company Latin Gold had embarked on negotiations to buy mig33 in a deal worth around $19 million.
Mig33 has now announced its acquiring online music community alivenotdead.com which boasts around 1,800 members.
Mig33 co-founder and chief executive Steven Goh said the acquisition, of which the details have not been released, was about enabling music artists to engage with fans through mig33 and monetise through promotions, events and chats.
“We’re polishing the mig33 platform, proceeding towards a listing on the Australian Stock Exchange and looking to acquire other complementary digital assets with a focus on the fast growing markets of Asia, Eastern Europe, Middle East and Africa,” Mr Goh said.
“This acquisition is the first of what we hope will be many.”
Mr Goh is known for establishing Australia’s first online stockbrocking company, Sanford Securities, from Perth in the late 1990s.
The operation grew to service 160,000 customers before hitting cash flow problems.
It was ultimately bought by IWL Limited in 2003, at which time Mr Goh began to establish his social networking company, Project Goth, and mig33 as its flagship product.
Mig33’s acquisition of alivenotdead.com has not changed the terms of the deal with Latin Gold, which is still progressing.
