09/07/2020
Encuentra24 and OLX Group join forces in Central America
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Encuentra24 and OLX Group’s Central American online classifieds platforms will combine under the Encuentra24 brand in Panama, Costa Rica, El Salvador and Guatemala
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OLX Group will contribute its business in four countries, and an additional US$1 million of cash, to become a 37.5% shareholder of Encuentra24
Amsterdam, 9 July 2020
OLX Group, a leading global marketplace network, and Encuentra24, a leading marketplace and business solution provider in Central America, have announced their merger in Central America today. As part of the deal, OLX Group and Encuentra24 will combine their operations in four countries, and OLX Group will contribute an additional US$1 million of cash, becoming a 37.5% shareholder of Encuentra24.
In Panama, Costa Rica and El Salvador, the existing Encuentra24 and local OLX platforms will merge under the Encuentra24 brand. In Guatemala, the local OLX platform will merge and launch under the Encuentra24 brand. Encuentra24 will manage the new local operations in all four countries, in addition to its existing businesses in other markets in Central and Latin America.
This merger will provide the more than five million monthly users with access to a new, best-in-class online classifieds experience. Encuentra24 and OLX bring unique and complementary capabilities in terms of product development and features. Offerings will be strengthened in key categories, including real estate, automotive and job categories. Together, both companies form the most popular and highest-ranking classifieds platforms across their markets, with a combined total of almost 600,000 listings.
Encuentra24’s CEO & Co-founder, Boris Métraux said: “This merger brings considerable growth potential for the new company and we are excited to be gaining access to new markets. The Encuentra24 business has gone from strength to strength in recent years, and with OLX we can accelerate this growth in new and innovative ways. Together we are dedicated to giving our users the best experience possible.”
OLX Group Regional Manager, Ricardo Donoso said: “We’ve always believed in a strong local proposition for our users, so we’re delighted to be joining forces with a regional player that has a high-growth mindset. With the merger, our customers will benefit from a broader offering and a better user experience, creating value both for users and for the business. This deal is definitely setting a new benchmark in the online classifieds industry for Central America.”
About Encuentra24
Encuentra24 is the leading Marketplace and fully integrated business solutions in Central America. With offices in Panama, Costa Rica, Nicaragua and Switzerland and it’s world-class website development and strategic promotional planning, it is at the forefront of online marketplace technologies. With roughly 2 million subscribers, 8 million unique visitors and over 151 million page views every month, Encuentra24 is the perfect place to start your own online store. For more information on Encuentra24’s services and offerings, visit our website: https://www.encuentra24.com.
About OLX Group
OLX Group is among the world’s fastest-growing marketplace networks, serving more than 300 million people every month. Building leading destinations for buying, selling, and exchanging products and services, it operates more than 20 consumer brands including Avito, letgo, and OLX.
OLX Group’s technology is designed to enable safe and convenient transactions, encouraging reuse to help give items second, third, or even fourth lives. It’s estimated to facilitate approximately 17 million trades every month, ranging from cars and furniture to electronics and clothing. The Group is powered by a team of 7,000 people working from 30+ offices around the world. For more information, visit www.olxgroup.com.
OLX Group is the online classifieds business of Prosus, a global consumer internet group and one of the largest technology investors in the world. Prosus has a primary listing on Euronext Amsterdam (AEX:PRX) and a secondary listing on the JSE Limited (XJSE:PRX), and is majority-owned by Naspers. For more information on Prosus and its companies and investments, please visit www.prosus.com.
