The acquisition comes after Bayut's parent company closed a funding round with $100 million in February
Bayut, a real estate listing and research platform based out of the UAE, has acquired its competitor, Lamudi, owned by Middle East Internet Group. The company has yet to disclose the amount. Bayut has plans to launch an operation that will expand its presence into Saudi Arabia within the near future.
“With a network of sites operating in the region, we are very well placed to maximize consumers’ reach and clients’ exposure across a broader region,” said Haider Khan, Founder and Chief Executive of Bayut.
Middle East Internet, formed by venture capital company Rocket Internet, has launched various e-commerce ventures in the region including online shopping website Wadi.com.
The company launched Lamudi.sa as the first real estate portal in Saudi Arabia in 2012, followed by Lamudi.jo in Jordan. The UAE version Lamudi.ae went live in 2015. Under the deal, Bayut will take ownership of all of Lamudi’s assets in the GCC.
The acquisition of Lamudi Middle East provides “the ideal platform for Bayut to expand its footprint in the GCC”, especially in the kingdom – the Arab world's biggest economy.
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