Here are the top five acquisition stories that were of interest in the Nigerian sector this year. The first position of course goes to Stripe’s acquisition of Paystack. Read about the five stories we chose for 2020.
Stripe’s acquisition of Paystack for $200 million
This is one story that gives hope to all those startups toiling day and night to ensure that they make a meaningful impact and also get rewarded for this.
So Paystack, a Nigerian startup founded by Shola Akinlade and Ezra Olubi, announced in October 2020 that it was being acquired by Stripe, an American financial services and software company for $200 million.
Stripe and Paystack have been working closely together for some time. In 2018, Stripe led a number of other companies including Visa and Tencent in an $8 million in a series A funding, bringing Paystack’s total investment to date to more than $11.3 million before this acquisition. (Paystack raised $1.3 million in 2016)
Verod Group acquisition of AXA Mansard Pensions Limited, Metropolitan Life Insurance Nigeria Limited and Law Union and Rock Insurance
AXA Mansard Insurance Plc. divested from its subsidiary, AXA Mansard Pensions Limited and sold the company to Eustacia Limited (a member of the Verod Group).
Verod Capital also acquired of 100% of Metropolitan Life Insurance Nigeria Limited from South African-based Momentum Metropolitan Holdings Limited. Though the amount was not disclosed, this saw Momentum Metropolitan exiting the Nigerian market in line with its Reset and Grow strategy.
Verod also recently acquired Law Union & Rock Insurance Plc in March 2020
Autochek acquisition of ROAM Africa’s Online Car Platforms Cheki Nigeria and Cheki Ghana
The automotive technology company, Autochek, which was recently founded by former Cars45 CEO Etop Ikpe acquired automotive marketplaces Cheki Nigeria and Cheki Ghana, previously part of ROAM Africa’s portfolio of leading online marketplaces.
Building on Cheki’s 10 years of progress with a network of more than 500 paying dealers, Autochek is set to introduce additional technology solutions that will make it easier for dealerships to service their customers better.
Jobberman’s acquisition of NGCareers
Jobberman, one of the foremost players in the recruitment and employment industry acquired a Nigerian competitor, NGcareers. Though the sum of the deal was not disclosed, this saw the ROAM company increase its dominance in the industry
CcHub’s acquisition of eLimu in Kenya
Co-creation Hub (CcHUB), the leading technology innovation centre in Nigeria, acquired eLimu, a leading EdTech firm and digital educational content provider, in Kenya. Remember CcHub acquired Kenya’s iHub for an undisclosed fee in 2019.
