Silvertree Internet Holdings and Kevin Tucker have acquired PriceCheck, a leading online price comparison platform, from global media giant, Naspers, for an undisclosed sum. The deal, signed this week, sees Tucker reacquire the company he started in 2006, having sold it to Naspers in 2010. Now in its ninth year, PriceCheck is Africa’s largest price
The deal, signed this week, sees Tucker reacquire the company he started in 2006, having sold it to Naspers in 2010. Now in its ninth year, PriceCheck is Africa’s largest price comparison service, with over five million products listed from retailers including Zando, Konga and Jumia. Initially launched in South Africa, PriceCheck also expanded into Nigeria, the continent’s largest economy, in 2013. The platform now sees 25 million unique annual visitors across its two platforms, and has recorded y-o-y growth of 40% in South Africa and 600% in Nigeria, as savvy African shoppers look online for the best deals.
Kevin Tucker says: “My challenge now is to consolidate the considerable headway they (Naspers) have made over the last five years and build an infrastructure to service the many millions more Africans that will be venturing online for consumer goods, predominantly via mobile, in the coming years”.
Tucker is partnering with Silvertree in this venture through its subsidiary, ClicknCompare, a one-stop portal for African consumers who are looking to source services and get valuable advice related to hard-to-navigate verticals, such as insurance, mobile, broadband, and banking.
Manuel Koser, Managing Director and Co-Founder of Silvertree, says “PriceCheck is a key driver in modifying Africans’ shopping habits, which is why we have chosen to acquire the service, with Kevin Tucker, to complement our growing portfolio of ecommerce companies”.
Naspers acquired PriceCheck in 2010 after the platform had demonstrated consistent growth and market leadership, forging strong relationships with leading retailers and giving South African consumers access to transparent, competitive pricing on millions of products. It has been part of the local Naspers ecommerce stable for five years and has continued growing rapidly, providing a first-stop destination for consumers and a great lead-generation tool for merchants.
Mobile adoption and data usage in Sub Saharan Africa is predicted to increase 20-fold by 2019, twice the rate of global growth. Combining a fast-growing African middle class and an increasing disposable income has fuelled the changing attitudes of African consumers. PriceCheck has recorded 40% of South African and 90% of Nigerian traffic coming from a mobile device.
The timing of this deal, before what is expected to be the biggest festive season in SA online retail history, is an opportunity for PriceCheck to build on its core competencies: to provide a great product, transparent pricing for customers and to drive highly-qualified, valuable traffic to merchants.