At the end of April, OLX had cinched a strategic partnership that gave it reign over a number of premium middle-eastern markers. OLX and EMPG had entered the mutually beneficial merger that covered influence in Lebanon, Egypt, Pakistan, and the UAE, and the company hasn’t stopped there.
Its latest endeavor has its eyes set on Central America, where the company has entered a similar agreement with Encuentra24, a leading marketplace and business solution provider in the region.
With this merger, Encuentra24 and OLX Group will combine their businesses in four countries including Panama, Costa Rica, El Salvador, and Guatemala.
In Guatemala, the local OLX brand will merge and launch under the Encuentra24 brand while in the other three countries, the existing Encuentra24 and OLX platforms will merge under the Encuentra24 brand.
Speaking on the merger, Encuentra24’s CEO and Co-Founder, Boris Métraux said:
“This merger brings considerable growth potential for the new company and we are excited to be gaining access to two new markets. The Encuentra24 business has gone from strength to strength in recent years, and with OLX we can accelerate this growth in new and innovative ways. Together we are dedicated to giving our users the best experience possible.”
The Swiss entrepreneur went on to enthuse about the reach that Encuentra24's users would now have thanks to the merger:
"With this merger buyers will have access to a bigger and better selection of items under one unified platform, and sellers will be able to reach more than 13,5 million active buyers/users in the region with a single ad posting. That’s one large and vibrant online marketplace!"
Encuentra24 will manage the new local operations as well as existing platforms in other markets across Central and Latin America.
This is a merger of heavy-hitters, providing over five million monthly users with access to the latest online classifieds solutions, and those solutions will only strengthen with this partnership.
OLX Group Regional Manager, Ricardo Donoso said:
“We've always believed in a strong local proposition for our users, so we’re delighted to be joining forces with a regional player that has a high-growth mindset. With the merger, our customers will benefit from a broader offering and a better user experience, creating value both for users and for the business. This deal is definitely setting a new benchmark in the online classifieds industry for Central America.”
OLX has an impressive global influence and its only spreading further as the company cinches strategic mergers like this one. Encuentra24 has offices in Panama, Costa Rico, Nicaragua, and Switzerland.