Stories by Jonah Nwokpoku,
One of Nigeria’s pioneer online marketplaces, DealDey has been acquired by Ringier Africa Deals Group, a newly-founded joint venture between Swiss Ringier Africa AG and South African Silvertree Internet Holdings.
DealDey was launched in 2011 as an online shopping and daily deal platform by serial entrepreneur and former CEO/founder of Konga.com, Simdul Shagaya.
In a statement announcing the deal, Ringier Africa said 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.
Over the past five years, DealDey has established itself as major e-commerce player in Nigeria, with over 1 million users, 15,000 active merchants and 20,000 verified listed businesses.
Reacting to the deal, 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.”
The statement also added that as part of the deal,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.
Also speaking, Ringier Africa General Manager, Leonard Stiegeler said: “Ringier Africa has identified e-commerce as a key area for growth and we are excited by the inclusion of DealDey in the Ringier Africa Deals Group. 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.”
On his part, Silvertree co-Managing Director, Paul Cook said: “We are extremely excited to be entering three of Africa’s most exciting e-commerce markets, through our partnership with Ringier and joint investment into DealDey, Rupu and Tisu. Through this deal, we get to build on excellent existing platforms as we look to serve Africa’s emerging middle class. With Ringier’s deep content expertise and African footprint, we look forward to further accelerating the growth of these exciting businesses.
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.”