Egyptian B2B e-commerce platform MaxAB has recently made a significant announcement regarding its leadership team. Mohamed Ben Halim, who co-founded the company and has been serving as the Chief Operating Officer (COO), is set to depart from MaxAB to pursue new ventures. This news arrives on the heels of MaxAB’s merger with Kenyan company Wasoko, which was finalized in August 2024.
The merger created a new entity, with leadership shared between Wasoko’s CEO Daniel Yu and MaxAB’s CEO Belal El-Megharbel. In this arrangement, El-Megharbel is responsible for the company’s daily operations, while Yu focuses on corporate relations. Since co-founding MaxAB alongside El-Megharbel in 2018, Halim has played a pivotal role in the company’s development and achievements.
MaxAB credits him with making a profound impact on the company’s trajectory over the last six years. MaxAB also recognized Halim’s crucial contributions to the company’s expansion in North Africa, especially in Egypt and Morocco. His efforts were particularly significant in the launch and growth of MaxAB’s Logistics as a Service (LAAS) offering.
In December 2023, MaxAB and Wasoko initiated a preliminary merger agreement aimed at enhancing trade across Africa and implementing new technological solutions. However, by January 2024, the combined workforce of Wasoko and MaxAB, which stood at around 4,000 employees, was reduced by approximately 10%. Those affected by the layoffs were provided with severance packages.
Wasoko has a customer base of over 200,000 shop owners across several major cities in Kenya, Tanzania, Rwanda, and Uganda. MaxAB, on the other hand, serves more than 150,000 shop owners in Egypt and Morocco. The merger, which was poised to be one of the largest in African e-commerce, encountered delays spanning seven months due to extended due diligence, restructuring, and macroeconomic challenges. Discussions around ownership stakes were also part of the merger considerations.
Despite the complexities surrounding the legal aspects of the merger, the operational and technological integrations between the two companies were reported to have progressed well, with the integration of their tech stacks completed within 60 days. Yu expressed that the merger would enhance their operational capabilities.
As Halim prepares to leave MaxAB, the company has expressed its gratitude for his dedication to ensuring a smooth transition. MaxAB has stated that Halim’s work has left a lasting impression on the company and that his influence will continue to be felt in the future. Halim’s departure, occurring shortly after the merger, may prompt speculation about changes in leadership dynamics and whether his decision to leave had been contemplated even before the merger was finalized.
