Ringier Africa Deals Group (RADG), a newly-founded joint venture between Swiss Ringier Africa AG and South African Silvertree Internet Holdings (Pty) Ltd, today announces it has acquired one of Nigeria’s biggest online shopping platforms, DealDey.
The deal will see 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 and will be a significant turning point in Africa’s investment landscape, revealing renewed confidence in the buoyant, fast paced e-commerce sector, as Ringier and Silvertree look to expand their portfolios in Nigeria.
Speaking on the acquisition, DealDey Co-CEOs Kehinde Oriola & Etop Ikpe said, “the DealDey team is excited about joining forces with the newly-formed Ringier Africa Deals Group. It offers great opportunities as DealDey brings a wealth of experience in technology, merchant management and consumer behaviour in Nigeria and we will be leveraging the Ringier Africa portfolio in marketing, classifieds and media as well as Silvertree’s e-commerce expertise towards supporting the sustainable growth of the group.”
Kehinde Oriola will continue as the CEO of DealDey as part of RADG, while Etop Ikpe will be moving on to new ventures. As acting CEO of RADG, Damien Bonnabel, current Head of e-Commerce for Ringier Africa and General Manager of Ringier Kenya, will be working with the management of DealDey and the group’s other companies.
Not too long ago, Dealdey sacked about about 60% of its work force with speculations mounting around the firm having to cut the exorbitant expenses it has been expending on its activities and general staff-hood. The acquisition couldn’t have come any sooner and more so, given further insight into the stories regarding the sack that were untold, even though it is laced under expanding Ringier Africa’s portfolio beyond publishing and digital marketing in Nigeria and Silvertree’s first e-commerce investment in the country.
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Nigerian startups raised $178m from 166 deals in 2018. Find out more when you purchase Techpoint’s Nigerian Startup Funding Report 2018 here.