• Egypt’s MaxAB, a B2B eCommerce startup, has announced that its co-founder and Chief Operating Officer (COO), Mohamed Ben Halim, will leave the company to embark on a new chapter.

• This comes nearly two months after MaxAB completed its merger agreement with Kenya’s Wasoko in August 2024.

• Following the merger, the new entity was said to be co-led by Daniel Yu, CEO of Wasoko, and Belal El-Megharbel, CEO of MaxAB. Additionally, El-Megharbel will oversee the company’s day-to-day operations, while Yu will lead corporate relations.

Halim co-founded MaxAB with Belal El-Megharbel in 2018, and according to MaxAB, he has been a driving force behind its growth and success since its inception. The company stated that he’s significantly impacted the company’s journey over the past six years.

The startup also acknowledged his vital role in establishing and scaling its operations across North Africa, particularly in Egypt and Morocco. It also added that he was instrumental in launching and expanding MaxAB’s Logistics as a Service (LAAS).

In December 2023, MaxAB and Wasoko agreed to a preliminary merger to closely collaborate in extending trade within Africa and deploying new technologies.

However, in January 2024, Wasoko and MaxAB reduced their workforce of about 4,000 employees by roughly 10%, with affected employees being offered severance benefits.

Wasoko says it serves over 200,000 shop owners in major cities, including Kenya, Tanzania, Rwanda, and Uganda. MaxAB operates in Egypt and Morocco, serving over 150,000 shop owners.

Seven months after the preliminary merger agreement, the deal faced delays due to extended due diligence, restructuring, and macroeconomic challenges.

The merger, arguably described as the largest in African eCommerce at the time, revealed that a review of ownership stakes was being considered.

Despite the legal complexities of the deal, the operational and technological integrations were said to have proceeded smoothly, with both companies integrating their tech stacks within 60 days. Yu stated that combining the two companies would provide them greater operational capabilities. Now, the COO has moved on to a new chapter.

Announcing Halim’s exit from the company, MaxAB affirmed that he worked to ensure a smooth transition, adding that “his contributions have left an indelible mark on MaxAB, and his impact will be felt for years to come.”

Halim’s exit shortly after the merger, on the other hand, could raise thoughts of leadership transitions and if he nursed exiting the company even before the merger was completed.