Egyptian B2B marketplace SPEED has been acquired by UAE-based logistics services provider X-ERA as part of the latter’s international expansion strategy, with the value of the acquisition remaining undisclosed.
SPEED connects FMCG suppliers with small to medium-sized merchants and retailers, and has signed up over 35,000 merchants. It is targeting a total of 100,000 by mid-2023, and also plans to introduce B2C services on its platform.
The UAE-based tech services and logistics company X-ERA has now acquired SPEED for an undisclosed amount, and plans to revamp the platform with its partners to make it more user-friendly, as well as further inclusion of features and benefits to FMCG merchants and retailers.
X-ERA’s mission is to re-develop the informal market using innovative business solutions and enabling technologies designed to fit retailers’ needs in various geographic areas. Its mission is to empower and enable grocers, retailers, merchants by benefiting access to a wide range of products, premium service and operational support for elevating their capabilities within all the day-to-day operations aspects.
SPEED chairperson Ahmed Hassan said the deal would reshape the Egyptian B2B FMCG e-commerce space.
“It will also help SPEED companies to increase its focus in all supply chain and logistics services to all FMCG companies, as well as in the e-commerce ecosystem,” he said.
The prospective plans are for nationwide expansion by the end of 2023.
“Through the re-launch, the SPEED app would get a new branding and identity, enhancing its USP for the small and medium-sized grocery store owners it serves,” said X-ERA CEO Mahmoud El-Enani.
