Newly-founded joint venture between Swiss Ringier Africa AG and South African Silvertree Internet Holdings (Pty) Ltd, Ringier Africa Deals Group, has announced the acquisition of DealDey, one of Nigeria’s biggest online shopping platforms.
DealDey was launched in 2011 by serial entrepreneur Simdul Shagaya together with Investment AB Kinnevik.
With over 1 million users, 15,000 active merchants and 20,000 verified listed businesses, DealDey is the largest online deals business in the region.
DealDey Co-CEOs Kehinde Oriola & Etop Ikpe say, “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.
Ringier Africa General Manager Leonard Stiegeler says, “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.”
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.
Ringier Africa Deals Group (RADG), the purchasing holding company, has been created by a carve out of the leading Kenyan online deals business Rupu out of Ringier Kenya and of the leading Ghanaian online deals platform Tisu out of Ringer Ghana.
The JV’s partners, Ringier Africa and Silvertree, both come with 10+ years’ e-commerce experience. Their mutual aim is to lead the online deals businesses to continued success based on a long-term, joint plan.