Africa's largest tech merger completed
African B2B e-commerce pioneers Wasoko and MaxAB have completed the continent’s largest-ever tech merger.
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African B2B e-commerce pioneers Wasoko and MaxAB have completed the continent’s largest-ever tech merger following the signing of preliminary terms in Q4 2023.
Conducted as an all-stock transaction, the deal establishes a pan-African platform for communities to access essential digital and physical goods, marking Wasoko and MaxAB’s evolution from B2B e-commerce companies to a multi-vertical ecosystem for Africa’s $600 billion informal retail sector.
Leveraging Wasoko and MaxAB’s online and offline expertise across Kenya, Tanzania, Rwanda, Egypt and Morocco, the newly-formed entity boasts the continent’s largest network of B2B informal retailers of more than 450,000 merchants. Wasoko and MaxAB successfully integrated the tech stacks and operations of both companies in under 60 days with remarkable results.
Speaking about the announcement, Daniel Yu, co-CEO at Wasoko and MaxAB, says, “Building on burgeoning trade ties between North and East Africa, this deal unifies the leading B2B players in both regions, establishing an unmatched platform for serving communities across the continent. Through our integrated technology stack, our expanded pan-African reach uniquely positions us to offer the best products and services from across Africa at maximum accessibility and affordability, supercharging our growth beyond what either company could achieve independently.”
“This merger proves that massive, world-class tech companies can be built in Africa for Africa,” says Belal El-Megharbel, co-CEO at Wasoko and MaxAB. “As first-movers, we fully embrace our responsibility to drive the development of a mature and thriving ecosystem, building foundational infrastructure that will empower future companies to fully unlock Africa’s vast economic potential in years to come.”
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