African currency values may fluctuate and interest rates are rising, but this doesn’t mean that retails still can’t be hugely profitable.

There are a number of online shopping sites across the continent which are in staunch competition for consumers, and one of them has just been acquired by a South African company.

Silvertree Internet Holdings, based in SA, together with Swiss-owned Ringier Africa AG, partnered in a joint venture for the acquisition of Nigeria’s e-commerce platform DealDey – one of the biggest in the west African nation – for an undisclosed amount.

“With over 1 million users, 15 000 active merchants and 20 000 verified listed businesses, DealDey is the largest online deals business in the region. In addition to its core platform, DealDey today also comprises of the couponing platform Promohub and discovery platform Lyf, both forming part of the acquisition,” Silvertree Internet Holdings said in a press statement.

The newly-formed company of Ringier Africa Deals Group will manage the site, and DealDey Co-CEOs Kehinde Oriola and Etop Ikpe expressed their happiness with the acquisition.

“The DealDey team is excited about joining forces with the newly-formed Ringier Africa Deals Group. It offers great opportunities as DealDey brings a wealth of experience in technology, merchant management and consumer behaviour in Nigeria – and we will be leveraging the Ringier Africa portfolio in marketing, classifieds and media as well as Silvertree’s e-commerce expertise towards supporting the sustainable growth of the group.”

According to the release, Oriola will continue as the CEO of DealDey as part of RADG, while Ikpe will be moving on to new ventures. As acting CEO of RADG, Damien Bonnabel, current Head of e-Commerce for Ringier Africa and General Manager of Ringier Kenya, will be working with the management of DealDey and the group’s other companies.

[Image – CC by 2.0/azzief!]