Last week, JadoPado announced that it had been acquired by “a large regional business” and shutdown its marketplace immediately after the announcement. Speculations started circulating on social media soon after the announcement, with many pointing towards Al Abbar Enterprises / noon as being the acquirer.
A few hours ago, Reuter broke the news and confirmed that a tech fund led by Al Abbar has acquired JadoPado. We’ve reached out to JadoPado and got the following statement from Omar Kassim:
We’re incredibly excited to exit to what is fast shaping up to be the region’s most exciting digital and e-commerce play. Mohammed Alabbar’s vision to make digital a cornerstone of his future strategy led us to believe that this was the right call and will help propel our business to the next level.
The JadoPado team will be integrated into ongoing projects such as Noon.com and will also be involved in exciting new projects across the digital spectrum in areas such as marketplaces, food commerce, payments and logistics.
I’m personally thankful to all our investors including BECO Capital and al bogari Holdings for believing in the JadoPado vision and helping drive our business toward a successful outcome.
Developing…
