New firm buys out M-Web assets

New firm buys out M-Web assets

JAKARTA: PT Indonesia Media Technologies (IMT), a newly-formed media technology company, has acquired Astaga.com, Kafegaul.com, satunet.com and other key assets owned by PT M-Web Indonesia, which has decided to pull out of Indonesia.

IMT was formed by a group of local and foreign technology investors and entrepreneurs to capitalize on the business built up by M-Web over the last three years, IMT said in a statement on Tuesday.

With the acquisition, IMT said it will be the new owner of the three websites and shall continue providing mobile- and media- related services.

South Africa-based M-Web, which until last year was the country's largest Internet firm, has sold all its assets in Indonesia on sagging confidence in the prospects for Indonesia's internet industry.

"IMT is poised to capitalize on the growing media technology and mobile service market," company president and CEO David Burke said. -- JP