Seattle-based e-commerce giant Amazon announced today that its acquisition of Souq.com, announced in March 2017, has been officially completed.
Users of the local e-commerce platform can now log in using their Amazon credentials.
Amazon reportedly paid between $650 million and $750 million in its acquisition of Souq.com, whose worth was rumored to be $1 billion in late 2016. Souq.com commands nearly 78% of e-commerce traffic in the Middle East and North Africa and garners 45 million website visits per month.
"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,” said Souq.com CEO and co-founder Ronaldo Mouchawar in a press release. “Integration of Amazon’s technology and global resources with our local expertise will help us to offer a great service to our loyal customers.”
The companies are shifting their focus to adding new products and features to the platform. Amazon’s senior vice president for international consumers Russ Grandinetti also noted that the companies are in the process of integrating Souq.com and Amazon’s capabilities.
Through the acquisition, Amazon has extended its reach in seven countries: the U.A.E., Saudi Arabia, Kuwait, Egypt, Bahrain, Oman and Qatar.
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