Amazon announced today that it has finally reached an agreement to acquire SOUQ.com. This agreement will allow SOUQ.com to have a greater penetration in the Middle East and to bring more products and offerings to clients worldwide.
The announcement caps off several months of speculation about the fate of SOUQ, where it appears like both Amazon and SOUQ agree that they share the same mission and are optimistic about the huge step they are both taking by combining their forces together. Russ Grandinetti, Amazon Senior Vice President for International Consumer said that “Amazon and SOUQ.com share the same DNA – we’re both driven by customers, invention and long-term thinking.” Russ also added that “SOUQ.com pioneered e-commerce in the Middle East, creating a great shopping experience for their customers. We’re looking forward to both learning from and supporting them with Amazon technology and global resources. And together, we’ll work hard to provide the best possible service for millions of customers in the Middle East.”
That was corroborated with the CEO and cofounder of SOUQ.com Ronaldo Mouchawar’s statement where he mentioned that “SOUQ.com is guided by by many of the same principles as Amazon, and this acquisition is a critical next step in growing our e-commerce presence on behalf of customers across the region.” He also expressed his great optimism for the future of SOUQ.com when he added that “”By becoming part of the Amazon family, we’ll be able to vastly expand our delivery capabilities and customer selection much faster, as well as continue Amazon’s great track record of empowering sellers.”
Finally, it was also mentioned that this acquisition is expected to close in 2017.