22 May 2000 - Siam2you, a local wireless application protocol (WAP) portal, has sealed a US$6 million deal with two international investment firms, Singapore-based Transpac Capital and US-based BancBoston Capital, to expand its business in Thailand and to explore expansion into other parts of Southeast Asia.
An initial amount of US$2 million has already been pumped into the service and for technological development, and the $4 million balance will be put to use within the next nine months.
"Our expansion drive is intended to support the growing number of Internet users," said Niklas Stalberg, chief executive of Siam2you Co.
It is expected that the number of Internet users in Thailand will reach one million this year, rising to 4.1 million, 50% of whom will have mobile access, within the next two years.
Stalberg said the financial support from Transpac Capital and BancBoston Capital would allow Siam2you to innovate and improve interactive and mobile services efficiently in response to the growing Internet market.
The company's latest features are available through WAP, Sim Tool Kit (STK) and short message services (SMS).
Within the first six months of operation, Siam2you's Internet portal has registered more than 23,000 users. "We expect to reach our target of 95,000 members by the end of the year," Stalberg said.
Supridi Sribhadung, co-founder and chairman of Siam2you, said, "By entering a strategic partnership with these two leading venture capital firms, we further fortify our strength and stability to offer the best services to Internet and mobile phone users."
Alan Kam, country manager of Transpac Capital Thailand, said Siam2you marked the first investment that Transpac and BancBoston had made in the wireless Internet in Thailand.
Transpac Capital, a private equity investment firm, has offices in China, Indonesia, Malaysia, the Philippines, Taiwan, Thailand and California.
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