Ookbee announced today that Tokyo-based Transcosmos has bought a 10% stake in the company. The terms of the deal have not been disclosed, but sources place the deal at around $7 million. This would value the company at approximately $70 million.
Transcosmos is an IT outsourcing firm, and it is joining Thai VC InVent, which owns 25% of Ookbee. In addition to buying a stake on Ookbee Transcosmos is also forming a strategic partnership which will involve Transcosmos assisting Ookbee in customer support, online marketing, and data analytics.
Primarily focused on serving readers in Thailand, Malaysia, Philippines, Vietnam, and Singapore, Oookbee boasts 5.5 million users, more than double the number of users reported in December 2012. Membership is expected to top 10 million by the end of 2014.
The startup offers reading apps for Android and iOS, and they recently launched a buffet style digital magazine service in Thailand called Ookbee Me. The price starts at 89 Baht (US$3) per month.