Naspers sells Africa’s largest online price comparison platform
Tech investor, Kevin Tucker reacquires PriceCheck
Sold for an undisclosed amount, PriceCheck has, according to a press statement, 25 million unique annual visitors across its South Africa and Nigeria platforms with over five million products listed from retailers including Zando, Konga and Jumia.
The nine-year-old company has also recorded year on year growth of 40% in South Africa and 600% in Nigeria, the statement says.
Tucker, who reacquires the company he started in 2006, says, Naspers has built the company to be a leading price and product comparison platform.
"My challenge now is to consolidate the considerable headway they have made over the last five years and build an infrastructure to service the many millions more Africans that will be venturing online for consumer goods, predominantly via mobile, in the coming years," he says.
Manuel Koser, managing director and co-founder of Silvertree, says they chose to acquire PriceCheck because the company plays a key role in changing the habits of shoppers in Africa and also complements their growing portfolio of e-commerce companies.
"PriceCheck is a leading presence in the price comparison market and has an impressive growth trajectory for the coming years. It is an exciting time for Africa’s e-commerce sector, as the continent’s rising consumer class continues to flock online in search of top deals and best prices. Adding PriceCheck to ClicknCompare in our portfolio brings Africa's most exciting product and financial services comparison platforms under one roof," says Koser.
The statement explains that PriceCheck was acquired by Naspers in 2010 after the platform demonstrated consistent growth and market leadership, and has been part of the local Naspers e-commerce stable for five years.
Owing to the rapid growth in online and mobile penetration on the continent, PriceCheck has recorded 40% of South African and 90% of Nigerian traffic coming from a mobile device, the statement says and adds, "Mobile adoption and data usage in Sub Saharan Africa is predicted to increase 20-fold by 2019, twice the rate of global growth. Combining a fast-growing African middle class and an increasing disposable income has fuelled the changing attitudes of African consumers."