Shopping is committed to helping small businesses grow, hence the need for this acquisition to help this previously small platform extend its reach
PressReleasePoint- Lagos, Nigeria. December 9th 2013 - Shopping Internet Services Mauritius (Shopp!ng) has today announced that it has completed the acquisition of majority ownership of 1500naira.com (1500naira), a pioneer in online value shopping, through its Nigerian subsidiary Shopping Internet Services Limited.
The acquisition brings together two of the most innovative companies in one of the world’s fastest growing markets and will bolster 1500naira’s R&D, sales, and marketing capabilities.
“1500naira are young and energetic innovators in a young and vibrant industry, and that gets us excited. Innovation and energy are at the heart of what we are about at Shopp!ng(https://shoppi.ng),” said Wole Lawani, Project Manager at Shopp!ng. “They’ve figured out a very different sales and fulfillment approach for a very definite market segment, and we think together we can provide some unbeatable offerings for value shoppers.”
Shopp!ng(https://shoppi.ng) is the leading online mall in the Nigerian ecommerce market which is currently valued at about $300 million and is growing at over 200% annually, one of the fastest growth rates globally. Growth is primarily being driven by an emerging middle class that is expected to swell by 5 million individuals over the next 4 years, according to Renaissance Capital.
“We’re glad to join the Shopp!ng family,” said Juwon Osobu, CEO and co-founder of 1500naira. “We’re only two years old but we’ve been able to establish a respected brand and revenue base and it’s good to have the market and respected industry players validate our efforts.”
Co-founder of 1500naira, Opeyemi Awoyemi, who is also a co-founder of Jobberman (Nigeria’s leading job site) added: “1500naira had reached the point where there was a need to drastically scale up operations to take advantage of some incredible opportunities and we think Shopp!ng(https://shoppi.ng) is the right partner at the right time.”
Terms of the agreement remain private, but the cash-for-equity acquisition shall take place through Shopp!ng’s Nigerian subsidiary and shall involve the integration of technical infrastructure and alignment of market-facing initiatives.
Project Manager, Kolawole Lawani on klawani@shopping; +2348096312622