International joint venture acquires Nigeria’s DealDey

LAGOS, (CAJ News) – A newly-founded joint venture between a Swiss and South African firm has acquired one of Nigeria’s biggest online shopping platforms.

Ringier Africa Deals Group, a venture between Swiss Ringier Africa AG and South African Silvertree Internet Holdings, has acquired DealDey, the online platform.

The cost of the transaction was not disclosed.

The acquisition represents an expansion of Ringier Africa’s portfolio beyond publishing and digital marketing in Nigeria and Silvertree’s first  e-commerce investment in the country.

It sees the two companies invest significantly in Nigeria’s fast-growing multi-billion dollar e-commerce sector as part of their partnership in the Ringier Africa Deals Group (RADG).

DealDey Co-Chief Executive Officers Kehinde Oriola and Etop Ikpe, expressed excitement about joining forces with the newly-formed RADG.

They believe it offers great opportunities as DealDey brings a wealth of experience in technology, merchant management and consumer behaviour in Nigeria.

Oriola will continue as the CEO of DealDey as part of RADG while Etop Ikpe will be moving on to new ventures.

Ringier Africa General Manager, Leonard Stiegeler, said his company had identified e-commerce as a key area for growth.

“With the addition of e-commerce-experienced Silvertree as a partner and investor, we are on track to significantly increase our interest in the space, with particular focus on serving the important markets of Nigeria, Ghana and Kenya,” said Stiegeler.

Silvertree co-Managing Director, Paul Cook, said through the deal, they aimed to build on excellent existing platforms as they looked to serve Africa’s emerging middle class.

“Our focus will be on rapid but sustainable growth, as Africa’s e-commerce industry starts to mature and consumers look for world-class offerings, excellent customer service and great deals,” said Cook. DealDey was launched in 2011.

With over 1 million users, 15 000 active merchants and 20 000 verified listed businesses, it is said to be the largest online deals business in the region.

CAJ News

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Posted by on Mar 23 2016. Filed under Africa & World, Featured, Finance, National, News, Regional, Technology. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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