Amazon has officially completed its acquisition of Middle Eastern-based eCommerce firm Souq.com through a $580 million cash deal.
Amazon announced its intention to acquire Souq.com in March. With this move, Amazon has effectively deepened its presence in the highly sought-after Middle East market.
As it currently stands, Amazon’s Prime Membership offering boasts 66 million members. With the Souq.com acquisition, Amazon will be adding an additional 45 million monthly users, bringing its total number of users into the hundreds of millions.
Customers can now log into Souq.com using their Amazon account information. Future developments will see Souq.com’s products and services integrated into Amazon’s site. Souq.com’s CEO and co-founder, Ronaldo Mouchawar, commented on the deal.
“It is an exhilarating time for the eCommerce industry in the region,” said Mouchawar. “Together with Amazon, our goal is to offer our customers the widest product selection, great prices, improved delivery times and first-rate customer service.”
With this deal and Amazon’s recent Whole Foods acquisition, it’s clear that the eCommerce giant is making swift moves to retain and significantly grow its top position in the retail space.