Amazon completes acquisition of e-commerce firm SouqJuly 3, 2017 - 13:33 AMT PanARMENIAN.Net - Amazon has completed its acquisition of e-commerce firm Souq.com, which was first announced at the end of March and sees the U.S. retail giant enter the Middle Eastern market, Tech Crunch said. The deal is officially undisclosed, but sources previously told TechCrunch that Amazon is paying around $650 million. Bloomberg previously reported that Amazon was in discussions over an investment at a valuation in excess of $1 billion but, amid rivalry from Emaar’s ambitious Noon.com project and others, an acquisition agreement was reached. The two companies said today (July 3) that they have completed an initial integration that allows customers to log into Souq.com using their Amazon account credentials. Next up, they plan to integrate products and services between the two sites to leverage their respective scale. In an announcement, Souq.com in particular spoke of the potential to integrate with Amazon’s global seller and customer base to boost its business. “It is an exhilarating time for the e-commerce industry in the region. Together with Amazon, our goal is to offer our customers the widest product selection, great prices, improved delivery times and first-rate customer service,” Souq.com CEO and co-founder Ronaldo Mouchawar said in a statement. Back to the Middle East, the Souq.com deal gives Amazon a firm footing in a growing and competitive e-commerce space. Souq.com itself claims over 45 million visitors per month and a range of 8.4 million products across 31 categories. The region itself covers a total of some 50 million consumers across several countries, as well as a relatively untapped market: only about two percent of all retail spend today is made online, according to a report from McKinsey. At the time of its confirmation, the deal was seen as an indicator that Amazon is prepared to buy its way into growth and new markets rather than simply relying on developing and expanding its own business. That point was later made all the more clear when, last month, Amazon announced his intention to acquire Whole Foods in a deal that is reportedly around the $13.7 billion mark. Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | Your home is in Armenia – Ameriabank offers mortgage loans for the Diaspora To buy real estate, Diasporans can apply to Ameriabank online to buy, renovate or build a home anywhere in Armenia. Armenia-Qatar ties discussed in Doha The Secretary of Armenia’s Security Council met with the Deputy Secretary General of the National Security Council of Qatar. ARARAT special evening dedicated to Aznavour's 100th Anniv. On May 20 ARARAT legendary Armenian brandy, celebrated the centennial of Maestro Charles Aznavour with a special event. Surveying works underway in Armenia’s Kirants Surveying works are underway in the Armenian village of Kirants in the northern Tavush province. |