After months of negotiations and setbacks, Wasoko and MaxAB, two leading African e-commerce platforms, have successfully completed their long-awaited merger. The deal, which was announced in December 2023, is being hailed as the largest tech merger on the African continent.
The merger, initially planned as a “merger of equals,” faced several challenges, including a prolonged due diligence process, internal restructuring, and macroeconomic factors. Despite these obstacles, the companies persevered, driven by the potential benefits of combining their strengths and resources.
A key aspect of the merger is that it is an “all-stock merger,” meaning that the merged entity will adopt a new name, which the company has not yet disclosed. The rebranding process is currently underway.
The newly formed entity boasts a formidable presence in the African market, serving 65 million customers through 450,000 merchants and employing over 4,000 full-time staff. This scale and reach will enable the company to expand its operations, introduce new services, and enhance customer experience.
The merger between Wasoko and MaxAB is a significant milestone for the African tech ecosystem. It demonstrates the growing maturity and potential of the continent’s e-commerce sector and its ability to attract substantial investments.
While the road to completion was not without its challenges, the successful merger of Wasoko and MaxAB is a testament to the resilience and determination of African entrepreneurs. The combined entity is well-positioned to become a dominant force in the African e-commerce market and drive innovation and economic growth.
