Various media reports reveal that VC firm, Silvertree Internet Holdings, in collaboration with Kevin Tucker have acquired leading online price comparison platform, PriceCheck from global media giant Naspers for an undisclosed sum.
Founder Kevin Tucker joins forces with VC firm Silvertree to acquire online price comparison platform
Currently in its ninth year, PriceCheck currently lays claim to the title of Africa's largest price comparison service with over 5 million products listed from retailers including Konga, Jumia, and Zando.
The deal sees Tucker reacquire the company he started in 2006, before selling it to Naspers in 2010. Currently in its ninth year, PriceCheck currently lays claim to the title of Africas largest price comparison service with over 5 million products listed from retailers including Konga, Jumia, and Zando.
Although it was initially launched in South Africa, the company has since expanded into Nigeria - the largest economy on the continent – in 2013.
The platform currently boasts 25 million unique annual visitors across its platforms and has recorded year-on-year growth of 40% in South Africa and 600% in Nigeria.
In his reaction to the acquisition. Founder Kevin Tucker says: “It is an exciting prospect to retake the reins of a company I started almost a decade ago. Naspers, through investment and strategic partnerships, has built PriceCheck to be a leading price and product comparison platform. My challenge now is to consolidate the considerable headway they have made over the last five years and build an infrastructure to service the many millions more Africans that will be venturing online for consumer goods, predominantly via mobile, in the coming years.”
Commenting on the deal, Manuel Koser, managing director and co-founder of Silvertree, says, “PriceCheck is a leading presence in the price comparison market and has an impressive growth trajectory for the coming years. It is an exciting time for Africa’s ecommerce sector, as the continent’s rising consumer class continues to flock online in search of top deals and best prices. Adding PriceCheck to ClicknCompare in our portfolio brings Africa’s most exciting product and financial services comparison platforms under one roof. PriceCheck is a key driver in modifying Africans’ shopping habits, which is why we have chosen to acquire the service, with Kevin Tucker, to complement our growing portfolio of ecommerce companies”.
CEO Andre De Wet will be exiting the company after 5 years in charge of the company. Founder Kevin Tucker will take over as CEO of the company.
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