This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Leading Middle Eastern Daily Deal Site Cobone.com Acquired By Tiger Global Management

DUBAI, UAE, March 10, 2013 /PRNewswire/ --

Cobone.com, the largest daily deal company in the Middle East, has been acquired by international investment firm Tiger Global Management, leaving the startup firm with additional capital to further its long-term commitments in the Middle East.

     (Logo: http://photos.prnewswire.com/prnh/20130310/600945 )

The deal will see Irish entrepreneur Paul Kenny, founder and current CEO of Cobone.com, maintain his position along other members of Cobone's leadership team including Warrick Godfrey, Pieter Sleeboom, Tahira Khan and Loai Ayoub while leading Cobone to greater market share and regional expansion.

Cobone was founded in August 2010 by Kenny with backing from the Jabbar Internet Group, and quickly moved to become the Middle East's leading group buying site, and one of few daily deal sites to possess the potential to compete on a global level in a highly competitive market. Cobone.com is the largest deal site in the Middle East region, and has grown its registered user base to more than 2 million customers, who have thus far saved nearly USD 100 million through the more than 1.5 million coupons sold.

"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."

About Cobone.com

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,974.68 +262.02 1.48%
S&P 500 2,080.68 +19.66 0.95%
NASDAQ 4,927.4060 +36.1870 0.74%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs