Monday 25 September 2017

Investment group buys big discount voucher firm

Colm Kelpie

Colm Kelpie

ONE of the biggest discount voucher companies operating in the Middle East has been bought by an international investment group.

Cobone.com, founded by Irishman Paul Kenny, has been acquired by Tiger Global Management, providing it with extra capital to further its long-term commitments in the region.

The deal will see Mr Kenny remain at the helm of the company, along with other members of Cobone's leadership.

Cobone.com, founded in 2010 with backing from the Jabbar Internet group, is among the biggest deal sites in the Middle East, and has more than two million customers.

Mr Kenny said the deal represented an exciting future for Cobone, claiming it reaffirmed its commitment to the Middle East market and e-commerce industry.

"Tiger Global gives us the international clout and the financial resources to expand regionally and surpass already high customer expectations," he said.

"Loyal Cobone users can look forward to many exciting developments and innovative offerings in the very near future."

Irish Independent

Also in Business