Agora, Inc. (NASDAQ: API) (“Agora”), a pioneer and leading platform for real-time engagement APIs, today announced that it has entered into a definitive agreement to sell the customer engagement cloud business segment of Easemob, which Agora acquired in early 2021, to TI Cloud Inc. (“TI Cloud”) for approximately US$14.6 million (subject to certain closing adjustments) in an all-cash transaction.
TI Cloud is a leading Life-cycle Customer Contact SaaS provider in China and is listed on the Hong Kong Stock Exchange. Agora was a cornerstone investor in TI Cloud’s initial public offering in June 2022 and currently holds approximately 2.8% of TI Cloud.
“Since our acquisition of Easemob in early 2021, Easemob’s chat API business has been integrated with our platform to complement our core product offerings. Earlier this year, we released Agora Chat, which leveraged both Easemob’s experience in providing chat APIs and Agora’s global infrastructure,” said Tony Zhao, Founder, Chairman and CEO of Agora. “As we continue to focus our resources on our core products, the board believes the sale of the other segment of Easemob, namely the customer engagement cloud business, is in the best interest of Agora shareholders as well as employees of that business. TI Cloud is a market leader in customer engagement cloud with a proven record of growth and profitability. We believe this transaction has the potential to create significant product and customer synergies, from which Agora stands to benefit as a shareholder of TI Cloud.”
“We see tremendous strategic synergies between TI Cloud’s and Easemob’s customer engagement cloud businesses, both in optimizing our joint product offering and in better serving our combined customer base,” commented Wu Qiang, Founder, Chairman and CEO of TI Cloud. “Easemob’s customer engagement cloud business perfectly complements our customer contact solutions and will further augment our market share in verticals such as technology, insurance and automobile. We believe this transaction will also help accelerate the realization of TI Cloud’s vision in making customer contact a better Experience, with improved Efficiency.”