Middle East online retailer souq.com has been in the headlines a lot in the past 12 months. The start-up became the region’s first ‘unicorn’ after a funding round saw it valued at $1bn.
In March, US online retail giant Amazon acquired souq.com in its quest to finally enter the Arab world.
While the value and terms of the agreement have not been revealed, deal adviser Goldman Sachs said it was “the biggest-ever technology [acquisition] transaction in the Arab world”. The acquisition is expected to close this year.
Souq.com was founded in 2005 by Syrian-born entrepreneur Ronaldo Mouchawar.
“By becoming part of the Amazon family, we’ll be able to vastly expand our delivery capabilities and customer selection much faster, as well as continue Amazon’s great track record of empowering sellers,” Mouchawar said at the time of the deal.
Following the acquisition, Mouchawar said there was scope to expand the business and increase the 3,000-strong workforce.
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