UAE-based logistics services provider X-ERA has acquired Egypt’s B2B marketplace SPEED, as part of its international expansion strategy.
SPEED connects suppliers of fast-moving consumer goods (FMCG) with small and medium-sized merchants and retailers. The platform has over 35,000 merchants and hopes to cross 100,000 by mid next year. There are also plans to introduce B2C services on the platform.
The acquisition by X- ERA placeS SPEED in a good and enviable position as eCommerce continues to take shape across the continent. The amount of the deal hasn’t been disclosed.
X-ERA aims to reshape the informal market supply processes using innovative business solutions that are technology oriented. Through this partnership, grocers, retailers and other merchants will have access to a wide range of products, premium services and operational support to elevate their capabilities within all the day-to-day operations aspects.
SPEED Chairperson Ahmed Hassan said, “We believe will reshape the Egyptian B2B FMCG e-commerce; by offering micro, small and medium enterprises (MSMEs) a lot of benefits. 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.”