Monday, March 11 10:14:18
Cobone, the leading Middle Eastern daily deal site, founded by Irish entrepreneur Paul Kenny, has today announced its acquisition by international investment firm Tiger Global Management for an undisclosed sum.
The deal will see the Irish entrepreneur maintain his position along other members of Cobone's leadership team including Warrick Godfrey and Pieter Sleeboom, while leading Cobone.com to greater market share and regional expansion.
Cobone.com was founded in August 2010 by Kenny with backing from the Jabbar Internet Group, and quickly moved to become the Middle East's leading group buying site, and one of few daily deal sites to possess the potential to compete on a global level in a highly competitive market. Cobone.com is the largest deal site in the Middle East region, and has grown its registered user base to more than 2 million customers, who have thus far saved nearly USD 100 million through the more than 1.5 million coupons sold.
"This deal represents a very exciting future for Cobone as it reaffirms its commitment to the Middle Eastern market and e-commerce industry," said Paul Kenny. "Tiger Global gives us the international clout and the financial resources to expand regionally and surpass already high customer expectations. Loyal Cobone users can look forward to many exciting developments and innovative offerings in the very near future."