While they are crowned as the largest e-commerce retailer worldwide they are not yet satisfied with their triumphs and wins; Amazon has recently made another acquisition and this time it has planned for the Middle Eastern market.
Amazon is eyeing for Souq.com, a Dubai based online platform in the Arab with 8.4 million unique products for sale and operations in Saudi, the United Arab Emirates, and Egypt. And after its acquisition, it shall be marketing products for almost the middle-eastern countries.
Though terms of the deal between the two retailers has not been announced yet, it is presumed at $650 million the deal might be closed by the end of the year.
Souq is the latest installment in the list of successful acquisitions for Amazon. It is no shocker, that Amazon wants to be the first go-to app and has been roping for numerous acquisition in the past years, all these has helped its market in growing in areas like cloud computing, video streaming, and audio books, but has affected company’s reputation in international markets.
Making it bigger maybe the motive for Amazon, but its investors should be vigilant as it is in a much earlier stage of development in other countries than it is in the US. But it seems the company is worried about expansion rather than its turnout.
It’s definitely one smart move, but the question remains what does the future of Amazon beholds for it? Will it continue acquiring more babies or will it multiply its monies?