Cobone.com acquired by Tiger Global Management
- United Arab Emirates: Monday, March 11 - 2013 at 09:21
The Middle East's largest daily deal business has been acquired Tiger Global Management, an international investment firm that also has stakes in Facebook, Linkedin, SurveyMonkey and many more.
"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."
While the size of the deal was not disclosed, TechCrunch claims the rumoured figure of $40m is not far off the mark.
Cobone was founded in August 2010 by Kenny, with backing from the Jabbar Internet Group, and quickly moved to become the largest deal site in the Middle East region. The site has grown its registered user base to more than 2 million customers, with over $100m 'saved' through special deals, and over 1.5 million coupons sold.
Samih Toukan, Chairman of Jabbar Internet Group, commented on the acquisition: "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," he continued.
Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AMEinfo.com Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / 4C. AME Info FZ LLC / 4C is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AMEinfo.com Web site.