OTVentures acquires DARE'n'DEAL
- Egypt: Wednesday, February 15 - 2012 at 12:06
- PRESS RELEASE
OTVentures, an affiliate of Orascom Telecom, Media and Technology (OTMT), acquired 51% in DARE'n'DEAL, the largest and fastest growing group-buying site in Egypt, valued at EGP20m.
DARE'n'DEAL CEO Abdel Latif Olama also stated: "This step will enable DARE'n'DEAL to expand in providing its services to the Egyptian market and in guaranteeing a higher local standard up to a leading level within the Middle East Market;" he added, "Dare'n'Deal aims at achieving up to EGP120m discounts for its customers in 2012, inasmuch as that its site is visited by 5.6 million users."
Dare'n'Deal intends to launch a special Middle East site through its various affiliates, in order to provide group buying shopping services, taking into consideration that it is the first Egyptian company that provides its services within this field on the Arab market.
The acquisition is an integral milestone of OTVentures' strategic vision in providing leading technological services tailored to the local and regional market needs; in this framework, OTVentures has chosen a strong online market player that possesses similar values and business practices.
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