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.
A statement copied to the Ghana News Agency, said the two companies had invested significantly in Nigeria’s fastgrowing multi billion dollar e-commerce sector as part of their partnership in the Ringier Africa Deals Group.
With more than one million users, 15,000 active merchants and 20,000 verified listed businesses, DealDay was seen as the largest online deals business in the region.
In addition to its core platform, DealDay also comprised the couponing platform Promohuband discovery platform Lyf, both forming part of the acquisition.
DealDey Chief Executive Officers, Kehinde Oriola & Etop Ikpe say: “The DealDay team is excited about joining forces with the newly formed Ringier Africa Deals Group as it offers great opportunities as DealDay 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 ecommerce expertise towards supporting the sustainable growth of the group.”
As acting Chief Executive Officer of RADG, Damien Bonnabel who is also the current Head of e-Commerce for Ringier Africa and also the General Manager of Ringier Kenya, would be working with the management of DealDay and the group’s other companies.
According to the statement, Ringer Africa Deal Group, the purchasing holding company, has been created by a carve out of the leading Kenyan online deals business Rupuout of Ringier Kenya and of the leading Ghanaian online deals platform Tisuout of Ringer Ghana.
The joint venture was aimed at leading the online deals businesses to continued success based on a long term, joint plan.
“Key to this is the continued collaboration with local merchants and brands wanting to enter the markets while satisfying clients’ needs for the best service and product offers online”, the statement said.
Silvertree had already expanded its own e-commerce portfolio in South Africa, having acquired PriceCheck from Naspers in November of last year.
Ringier Africa General Manager Leonard Stiegeler says: “Ringier Africa has identified ecommerce as a key area for growth and we are excited by the inclusion of DealDay in the Ringier Africa Deals Group.
“With the addition of e-commerce experienced Silvertreeas 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”, he added.