Ringier Africa and One Africa Media, the Tiger Global-backed operator of online marketplaces focused on jobs, cars, property and travel, have agreed to combine their pan-African Classifieds assets to launch Ringier One Africa Media, instantly creating the continent’s largest Classifieds business offering a portfolio of some of Africa’s leading online brands including Jobberman, Brighter Monday, Cheki, BuyRent Kenya, Expat-Dakar, ZoomTanzania and PigiaMe. While terms of the joint venture were not disclosed, although the existing shareholders of both companies will continue to invest significantly to help the new venture build out its market leadership.
The deal expects to leverage the competitive advantages of both companies to effectively exploit the market’s expected double digit growth, creating a nationwide classifieds system with improved end-user experiences and a broader audience reach across six African countries; Ghana, Kenya, Nigeria, Senegal, Tanzania and Uganda.
Ringier Africa’s extensive marketing and distribution capabilities together with its extensive international market knowledge, when combined with One Africa Media’s in-depth experience in serving professional traders and companies with vertical classifieds in Africa, its multi-device technology platform and the strength of the group of founders of its portfolio of brands are expected to give the new venture a significant growth opportunity.
The respective leaders of each company’s classifieds businesses will jointly run the new venture under the leadership of Justin Clarke, One Africa Media’s Co-Founder and CEO.
“We have been looking for the right strategic partner with a similar broad vision for classifieds in Africa and who has a deep understanding of how things work in this complex continent as well as the long term commitment to stay the distance in some very large but early stage markets,” commented Clarke in the statement announcing the joint venture last week. “We have known Ringier Africa for many years as we have both pioneered these markets in parallel and are really excited to be joining hands at last. The synergies are huge and we fit so well together.”
Founded in 2010, One Africa Media has aggregated and grown Africa’s largest marketplaces in employment, auto and property. Ringier Africa was launched a year later by its parent company, Swiss media group Ringier AG.