Tiger Global buys out top ME deal site
Dubai, March 11, 2013
Cobone.com, a leading 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.
Cobone was founded in August 2010 by Irish entrepreneur Paul Kenny with backing from Jabbar Internet Group, one of the leading Internet Groups in the Arab World.
The company then quickly moved on 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, said a statement from the group.
The deal will see Kenny maintain his position as CEO of Cobone.com along with the other members of the leadership team including Warrick Godfrey, Pieter Sleeboom, Tahira Khan and Loai Ayoub while leading Cobone to greater market share and regional expansion.
"This deal represents a very exciting future for Cobone as it reaffirms its commitment to the Middle Eastern market and e-commerce industry," remarked 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," he stated.
According to Kenny, Cobone.com has become the largest deal site in the Middle East region, and has grown its registered user base to more than two million customers, who have thus far saved nearly $100 million through the more than 1.5 million coupons sold.
Samih Toukan, the chairman of Jabbar Internet Group, said the deal represented the international recognition of a highly successful local business.
"Launched in July 2010 in Dubai, as part of the Jabbar Internet Group, Cobone features a daily market-focused deal on the best things to do, see, eat and buy in cities across the Middle East. It is an easy and fun way to get fantastic deals on great experiences in your city," stated Toukan.
"With Kenny, we created a company that led 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 added-TradeArabia News Service