Cobone.com, a daily deal company in the Middle East, has been acquired by investment firm Tiger Global Management.
Irish entrepreneur Paul Kenny , founder and current CEO of Cobone.com, will remain in his position along other members of Cobone’s leadership team including Warrick Godfrey , Pieter Sleeboom, Tahira Khan and Loai Ayoub.
Cobone.com was founded in August 2010 by Kenny with backing from the Jabbar Internet Group. It is the largest deal site in the Middle East region, and has grown its registered user base to more than 2 million customers.
“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.”
Samih Toukan , Chairman of Jabbar Internet Group, commented on the deal, saying, “This deal represents the international recognition of a highly successful local business. With Paul Kenny , we created a company that led the way in regional group buying, and took on global players on our own turf. While this deal represents a successful exit for the Jabbar Group, we have little doubt in Cobone’s commitment to the region and in Paul’s determination to continue excelling and leading his brainchild to new successes.”
UAE, Dubai
Fusion Corporate Partners 