Cobone.com acquired by Tiger Global Management

Now with additional capital to work with, Cobone.com's founder and CEO, Paul Kenny, will maintain his position, along with other members of the leadership team, it was announced yesterday.

"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.