UAE-based online classified website dubizzle is fully acquired by South Africa-based investor Naspers subsidiary, OLX Group, which has a complete dubizzle worth $ 400 million based on external calculations.
The group bought the remaining 49% stake in dubizzle for $190m in April 2018. After purchasing it in $ 120m in 2013, the website already had 51% control stake.
If the evaluation of the debit is driven by revenue, then its business is estimated to be around $ 40m per year. Online market companies are usually given 10 times their revenue.
A small note Buried in the @Naspers Interim Results for Fiscal Year 19, that he bought the remaining non-controlled interest in @dubizzle for $ 190m in April 2018, based on my previous estimates, rated the trade at $ 409m, https://t.co/bDlQD0Kw5P @__racha pic.twitter.com/gxNRprBCOO— Omar Kassim (@okassim) January 13, 2019
However, it is currently unknown that the evaluation was driven by revenue or if it was a pre-determined valuation at the initial acquisition.
Barry Judge, General Manager, dubizzle UAE, said, “This step is a testament to the amazing decade of dubizzle in this area. The co-founders also felt that to move forward in order to continue their development under the dubizzle OLX Group In good hands. ”
Dubizzle , which was established in Dubai in 2005, to allow users to advertise goods or services, currently works in eight countries in the MENA region, including Egypt, Lebanon and Saudi Arabia.
Its Established J. C. Butler and Sim Whale, who left the day-to-day move to run the company in 2013.
Dubizzle has since acquired a number of United Arab Emirates-based startups, including Expat Wheels, Wecashanycar,Masterkey and Airlist..
The judge said that the acquisition will not affect the day-to-day work of the company, as it will continue to run independently by the local management team.
Acquisition by Naspers is part of its plan to increase its global presence in classified, paid and food-distribution verticals in the MENA region.
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