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Tue 16 Dec 2014 11:52 AM

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Middle East Digital Group acquires daily deal website Cobone

Website founded by Irish entrepreneur Paul Kenny

Middle East Digital Group acquires daily deal website Cobone
Internet user, online generic

Online coupon website Cobone has been
sold in a multi-million dollar deal to online publishing, content and services
company, ME Digital Group, which also owns Expatwoman.com, the Irish Independent newspaper reported.

With 500,000 unique visitors each month,
Cobone has sold 2.6 million coupons, which the company says has saved customers in the
UAE and Saudi Arabia over $172 million.

The website, which was founded by Irish
entrepreneur Paul Kenny in 2010, was sold to US-based investment firm Tiger
Global Management in a deal worth close to $40 million.

The change of hands to ME Digital Group
will see Kenny exit Cobone and concentrate on working with Safarna, a travel
deals website that is also under Tiger’s portfolio.

ME Digital Group says Cobone adds
significant scale as well as ecommerce expertise its portfolio, particularly in
the areas of transactional and ecommerce capabilities, operations and
experience in the Saudi market.

The company plans to put renewed focus
on development of the Cobone sales portfolio and introduce targeted e-stores,
as well as enhanced services for the loyal readership of both sites.

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