Ecommerce Souq.com Now Belongs To Amazon—Acquisition Completed
U.S retail giant has now entered to Middle East, Amazon first announced the acquisition of popular ecommerce business in Middle Eastern countries Souq.com in March, which has now officially been completed.
The valuation of the deal is still unveiled, sources Techcrunch calls it $650 million deal whereas, Bloomberg reported that Amazon would make $1 billion investment in this acquisition. Emaar middle eastern real estate giant is also serious about its project noon.com to jump into the ecommerce industry. Both the companies has finally reached the acquisition deal and started integrating their systems.
The companies has announced today that they have completed their initial integration in which Amazon existing users would be able to login to souq.com with their Amazon credentials.
The next phase of integration would incorporate the products and services equally accessible from both sides in order to expand the scalability of the business. Souq.com said, integrating with Amazon’s global customer base, souq.com is likely to grow its business much faster.
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CEO and co-founder of souq.com Ronaldo Mouchawar said in a statement, “It’s a thrill time for the ecommerce industry in the region, together with Amazon we will be able to offer our customers with huge variety of products, better prices and improved delivery and customer service.”
Souq.com itself is a giant in the Middle East, the company claims to receive 45 million visitors per month on the website and have a range of 8.4 million products with 31 different categories. Amazon’s integration would not only benefit souq.com but also Amazon’s ability to expand across regions would be inevitable.
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This is very important move by Amazon in the ecommerce industry, Amazon is the world’s largest ecommerce business and after this deal it would become a monster. The new region covers roughly 50 million consumers across Arabic countries, strong growth rate in online purchasing is also expected in the region.
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