Ringier Africa Deals Group, a newly founded joint venture between Swiss Ringier Africa AG and South African Silvertree Internet Holdings has revealed that it has acquired online shopping platform, DealDey.
According to the group, 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 e-commerce sector as part of their partnership with the Ringier Africa Deals Group.
DealDey was launched in 2011 by serial entrepreneur Simdul Shagaya together with Investment AB Kinnevik. In addition to its core platform, DealDey also comprises of the couponing platform Promohub and discovery platform Lyf, both forming part of 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.