Amazon has announced today its acquisition of Souq.com that was announced in March 2017, is now officially completed. This means that users of Souq.com can now log in through their Amazon credentials.
According to Amazon’s report, it has paid between $650 million and $750 million in its acquisition of Souq.com. The website Souq.com generates about 78% of the ecommerce traffic in the Middle East and North Africa, and has about 45 million visits on a monthly basis.
Souq.com CEO and Co-founder Ronaldo Mouchawar said: “It is an exhilarating time for the e-commerce industry in the region. Together with Amazon, our goal is to offer our customers the widest product selection, great prices, improved delivery times and first-rate customer service. Integration of Amazon’s technology and global resources with our local expertise will help us to offer a great service to our loyal customers.”
The acquisition has enabled Amazon to extend its reach in the UAE, Bahrain, Oman, Kuwait, Saudi Arabia, Egypt, and Qatar.
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