Amazon to Acquire SOUQ.com
March 28 2017 - 4:30AM
Business Wire
Amazon (Nasdaq:AMZN) today announced that it has reached an
agreement to acquire SOUQ.com, an e-commerce leader in the Middle
East. Joining the Amazon family will enable SOUQ.com to continue
growing while working with Amazon to bring even more products and
offerings to customers worldwide.
"Amazon and SOUQ.com share the same DNA – we’re both driven by
customers, invention, and long-term thinking,” said Russ
Grandinetti, Amazon Senior Vice President, International Consumer.
"SOUQ.com pioneered e-commerce in the Middle East, creating a great
shopping experience for their customers. We're looking forward to
both learning from and supporting them with Amazon technology and
global resources. And together, we’ll work hard to provide the best
possible service for millions of customers in the Middle East."
"We are guided by many of the same principles as Amazon, and
this acquisition is a critical next step in growing our e-commerce
presence on behalf of customers across the region," said SOUQ.com
CEO and Co-Founder Ronaldo Mouchawar. "By becoming part of the
Amazon family, we'll be able to vastly expand our delivery
capabilities and customer selection much faster, as well as
continue Amazon's great track record of empowering sellers."
Subject to closing conditions, the acquisition is expected to
close in 2017.
About Amazon
Amazon is guided by four principles: customer obsession rather
than competitor focus, passion for invention, commitment to
operational excellence, and long-term thinking. Customer reviews,
1-Click shopping, personalized recommendations, Prime, Fulfillment
by Amazon, AWS, Kindle Direct Publishing, Kindle, Fire tablets,
Fire TV, Amazon Echo, and Alexa are some of the products and
services pioneered by Amazon. For more information, visit
www.amazon.com/about.
About SOUQ.com
SOUQ.com is the largest online retail and marketplace platform
in the Arab world, featuring more than 8.4 million products across
31 categories such as consumer electronics, fashion, health and
beauty, household goods, and baby. Today, SOUQ.com attracts over 45
million visits per month, with localized operations in the KSA, UAE
and Egypt.
SOUQ.com offers a convenient and safe online shopping experience
with secure online payments, option to pay cash on delivery and
free returns. For more information, visit www.Souq.com.
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