Largest e-commerce exit in the Arab world, Daily deal site Cobone.com Acquired by Tiger Global Management
Cobone.com, the largest daily deal company in the Middle East, has been acquired by international investment firm Tiger Global Management, leaving the startup firm with additional capital to further its long-term commitments in the Middle East.
Amount of the deal where not disclosed. But TechCrunch says the figure of would be around $40 million. More than GoNabit acquisition by Living Social which was around $10 million.
Living Social which was the largest rival for Cobone shut down its operation in the Arab world after it acquired GoNabit.
The deal will see Irish entrepreneur Paul Kenny, founder and current CEO of Cobone.com, maintain his position along other members of Cobone’s leadership team including Warrick Godfrey, Pieter Sleeboom, Tahira Khan and Loai Ayoub while leading Cobone to greater market share and regional expansion.
Cobone was founded in August 2010 by Kenny with backing from the Jabbar Internet Group, and quickly moved to become the Middle East’s leading group buying site, and one of few daily deal sites to possess the potential to compete on a global level in a highly competitive market. Cobone.com is the largest deal site in the Middle East region, and has grown its registered user base to more than 2 million customers, who have thus far saved nearly USD 100 million through the more than 1.5 million coupons sold.
“This deal represents a very exciting future for Cobone as it reaffirms its commitment to the Middle Eastern market and e-commerce industry,” said Paul Kenny. “Tiger Global gives us the international clout and the financial resources to expand regionally and surpass already high customer expectations. Loyal Cobone users can look forward to many exciting developments and innovative offerings in the very near future.”
Samih Toukan, Chairman of Jabbar Internet Group, commented on the deal saying, “This deal represents the international recognition of a highly successful local business. With Paul Kenny, we created a company that lead the way in regional group buying, and took on global players on our own turf. While this deal represents a successful exit for the Jabbar Group, we have little doubt in Cobone’s commitment to the region and in Paul’s determination to continue excelling and leading his brainchild to new successes.”
This is also Jabbar’s group first exit from its portfolio of Internet companies operating in the Arab world.