Ideanomics to sell Grapevine Influencer Platform assets to focus on electric vehicles

Ideanomics Inc (NASDAQ: IDEX) said Monday it will sell its Grapevine Logic, Fintalk and CommentsRadar assets to Techconn Holding Group Co Ltd.

Ideanomics, headquartered in New York with offices in Beijing and Qingdao, said the sale is part of its plans to divest of non-core assets to focus only on electric vehicles and New Energy Vehicle industries. 

In a statement, the company said it will receive a 15% interest in the deal that will merge the non-core Grapevine Influencer Platform, and suite of technologies, with the Techconn Group’s influencer operations.

READ: Ideanomics says MEG subsidiary and Beijing Silk Road Rainbow Group to help sell 2,000 electric buses in China

Techconn’s influencer operations currently handle more than 340,000 influencers from their offices in Hangzhou and Changsha, China. Along with Grapevine’s 190,000 influencers, exChina, the Techconn Group’s’ influencer operations would become one of the world’s leading influencer platforms, boasting over 540,000 key opinion leaders (KOL). 

These large and mid-sized KOLs will benefit even further, with access to the technologies that have been developed inside Fintalk, Ideanomics said.

“China benefits from a striving ecosystem of influencers much more involved with brand promotions, and the influencers that are quickly sought after and can easily monetize their following,” said Dr Bruno Wu, chairman of Ideanomics. 

“The strong appetite of followers for brand recommendations are advantageous for KOLs and for brands: both benefit from strong demand for quality branded content. With our combined technologies to drive sales, the planned IPO of Techconn could happen within the next 24 months.”

The combined sale of the assets is expected to close during the third quarter of 2020, subject to approval by the company’s board, and other customary closing conditions and regulatory approvals.

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Story by ProactiveInvestors