Ringier Africa Deals Group, a newly-founded joint venture between Swiss Ringier Africa AG and South African Silvertree Internet Holdings (Pty) Ltd, has acquired DealDey, Africa’s largest online deals e-commerce platform together with its couponing platform Promohub and discovery platform Lyf.
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, as the two companies leverage on their partnership to invest significantly in Nigeria’s fast-growing multi-billion dollar e-commerce sector.
The Joint Venture partners, Ringier Africa and Silvertree, which acquired PriceCheck from South Africa’s Naspers last November, both come with over 10 years’ e-commerce experience putting them in a position to challenge the Africa Internet Group, which owns leading e-commerce platform, Jumia, for a bigger slice of the fast-growing e-commerce market in Africa. However, focus would be on leading the online deals businesses to continued success based on a long-term, joint plan.
“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,” says Leonard Stiegeler Ringier Africa General Manager.
The partners had launched the new business with investment in leading Kenyan online deals business Rupu and the leading Ghanaian online deals platform Tisu carved out of Ringier Kenya and Ringer Ghana, respectively.
Silvertree co-Managing Director Paul Cook says: “Through this deal, we get to build on excellent existing platforms as we look to serve Africa’s emerging middle class.”
DealDey Co-CEO Kehinde Oriola will continue as the CEO of DealDey as part of RADG, while c0-CEO Etop Ikpe will be moving on to new ventures.
In a joint statement by Oriola and Ikpe, they expressed excitement about the new deal. “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.”