GoTo Group

History

2023: Client backups leaked after ransomware virus attack

On January 23, 2023, video conferencing software developer GoTo, formerly part of Citrix, reported that attackers had stolen backups of users of a number of products.

The incident occurred in November 2022. Then it was said that GoTo began an investigation, attracted experts on cyber security Mandiant and notified law enforcement agencies about the incident. Experts have discovered suspicious activity in the development environment and third-party cloud service. data storage

GoTo, formerly part of Citrix, reported that attackers stole backups of users of a number of products

According to the examinations, cybercriminals stole encrypted backups related to five products: Central, Pro, join.me, Hamachi and RemotelyAnywhere. In addition, there is evidence of theft of encryption keys for part of the backup files. The affected information, depending on the product, may include the names of the account holders, part of the multifactor authentication settings, as well as licensing information and some other information.

We currently have no evidence that the attack affects any other GoTo products other than those mentioned above. Despite the fact that the encrypted Rescue and GoToMyPC databases were not compromised, the hack affected the multi-factor authentication settings of a small number of their users, the company said in a notice.

It is emphasized that GoTo does not store full credit card details or bank details. In addition, GoTo does not collect or use end-user personal information such as date of birth, home address, or Social Security numbers. However, for precaution reasons, the accounts have been moved to an advanced identity management platform that will provide additional security.^[1]

2022

Reduction of 12% of employees

On November 18, 2022, the largest GoTo Indonesia IT Group announced the dismissal of 1.3 thousand people, which is about 12% of the total number of employees.

{{quote 'Given all those challenging global macroeconomic conditions that have a significant impact on businesses around the world, as do other prudent companies, GoTo is making adjustments to ensure it can move along the uncertain path ahead, the statement said. }}

Indonesia's largest IT company laying off 12% of employees

GoTo said it must accelerate its progress toward becoming a truly sustainable and financially independent business focused on its core on-demand, e-commerce and fintech service offerings.

In addition to GoTo, other companies such as Foodpanda, Carsome and Propzy confirmed to the media that they had also laid off some of the workers in 2022. Propzy said it had laid off up to 50% of its employees.

{{quote 'By the end of the second quarter, the company had achieved a structural cost reduction of about 800 billion Indonesian rupees ($50.9 billion) in areas such as technology, marketing and outsourcing, the company said. For further navigation in the increasingly challenging global economic environment, however, the company must focus on issues that are under the company's control, the statement said. }} The workforce reduction plan will not harm the business continuity of the company and represents a strategic effort to further positively impact millions of consumers, partner drivers and merchants in the GoTo ecosystem through healthy and sustainable growth, the company said.^[2]

Kripto Maksima Koin Purchase

On August 29, 2022, GoTo Gojek Tokopedia (GoTo), the largest Indonesian technology company, entered the cryptocurrency market by purchasing the local Kripto Maksima Koin crypto exchange. The company says the acquisition is driven by an intention to diversify its services. Read more here.

Going public, raising $1.1 billion thanks to IPO

On April 11, 2022, Indonesia's largest Internet retailer GoTo officially went public and earned $1.1 billion. The IPO was made possible after the company merged with ride-hailing giant Gojek and marketplace Tokopedia.

GoTo set an offering price of 46.7 billion shares at $4.45 apiece. The value of 40.6 billion primary shares amounted to about $957 million. The price for the company's paper ranged from $4.16 to $4.56 apiece, Nikkei Asia reports. According to the publication, GoTo's entry into the stock exchange could be a test for the Internet retailer amid a fall in the shares of technology companies in Southeast Asia starting February 24, 2022, after the start of Russia's special military operation in Ukraine.

Indonesia's largest online retailer GoTo went public and earned $1.1 billion

Indonesia is one of the largest and most interesting growing markets in the world, as evidenced by the sustainability of our capital market demonstrated in 2022 amid global market volatility. Our listing will be a great moment for those involved in the success of our ecosystem and for anyone who believes in the Indonesian dream. Our ecosystem of on-demand, e-commerce and fintech services brings together millions of consumers, partner drivers and sellers, with a shared mission to empower everyone's progress in a fast-growing digital economy, said GoTo Chief Executive Officer Andre Soelistyo.

According to the company, the total e-commerce address market (TAM) in Indonesia is expected to grow to about $137.5 billion in 2025 from $44.6 billion in 2020, and TAM of financial technology in the country will grow to about $70.1 billion in 2025 from $17.8 billion in 2020.

Online retailer GoTo will be the fourth most valuable company listed on the Indonesian stock exchange, after Bank Central Asia, Bank Rakyat Indonesia and Telkom Indonesia. As of April 2022, the company has registered more than 2.5 million drivers and more than 14 million sellers.^[3]

Notes