" ITREALMS: Ringier group acquires Nigeria’s DealDey

Wednesday, March 23, 2016

Ringier group acquires Nigeria’s DealDey

Ringier Africa Deals Group, a newly-founded joint venture between Swiss Ringier Africa AG and South African Silvertree Internet Holdings (Pty) Ltd, has acquired one of Nigeria’s biggest online shopping platforms, DealDey, reports ITRealms.

The acquisition, ITRealms gathered 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, which 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.
ITRealms recalls that DealDey, the online deals e-commerce platform, was launched in 2011 by serial entrepreneur Simdul Shagaya together with Investment AB Kinnevik with currently over 1 million users, 15,000 active merchants and 20,000 verified listed businesses.

DealDey which claims to be the largest online deals business in the region also comprises the couponing platform Promohub and discovery platform Lyf , both forming part of the acquisition.
DealDey Co-CEOs Kehinde Oriola & Etop Ikpe said they are 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," both CEOs were quoted in a press statement made available to ITRealms.

While Kehinde Oriola would continue as the CEO of DealDey as part of RADG, Etop Ikpe would be moving on to new ventures, whereas Damien Bonnabel, has been named acting CEO of RADG. Damien was until now Head of e-Commerce for Ringier Africa and General Manager of Ringier Kenya.

Nenye Dom/GEE
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