Wasoko, a leading Kenyan B2B e-commerce platform, has completed its merger with Egypt's MaxAB after a four-month delay. TechCabal first reported the news. The newly combined entity is in the midst of rebranding, with its new name yet to be revealed. Daniel Yu, the CEO of Wasoko, and Belal El-Megharbel, the CEO of MaxAB, will be co-CEOs of this new venture. They will be joined on the board by existing investors, including Silver Lake and Tiger Global. This merger marks a significant move towards consolidating the fragmented B2B e-commerce landscape. Contrary to earlier reports, the merger resulted in an almost equal ownership split between Wasoko and MaxAB. Yu dismissed previous claims that MaxAB would dominate the stake, confirming a near 50-50 shareholding. Together, Wasoko and MaxAB have secured over $230 million in funding from investors such as Tiger Global, Impact Engine, and the University of Chicago. Although the deal was announced in December 2023 with an expected closure by April 2024, it was delayed due to undisclosed sensitive issues. The new company will capitalize on MaxAB's strong presence as a key B2B beverage supplier across North Africa, with its headquarters based in Cairo. Operating across Kenya, Tanzania, Rwanda, Egypt, and Morocco, the company will cater to 450,000 merchants and 65 million consumers. Despite Wasoko’s earlier round of job cuts in December 2023, no further layoffs are expected. The integration of both companies' technologies and operations, completed in 60 days, reportedly favored MaxAB’s systems, with the Egyptian team playing a leading role in the process.
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