Nigerian digital automotive commerce firm, Autochek, led by tech entrepreneur Etop Ikpe, has acquired a majority stake in AutoTager, an Egyptian automotive technology company.
The move is aimed at expanding Autochek’s footprint in Egypt and deepening its presence in the Middle East and North Africa (MENA).
AutoTager, which is a venture-backed startup, offers Egyptians access to vetted vehicles and financing options. It connects dealers with buyers and provides technology solutions to improve their operations.
The acquisition is Autochek’s second in MENA, following the purchase of Morocco’s KIFAL Auto almost a year ago.
With the acquisition of AutoTager, Autochek now operates in nine countries with a partner-led footprint of over 2,000 dealers and workshop locations. It also marks its sixth acquisition in two years, expanding its footprint to East, West, and North Africa.
Commenting on the latest deal, Olajide Adamolekun, Autochek’s CFO and co-founder, stated: “There are many parallels between Autochek and AutoTager, and we are looking forward to building on these parallels to deliver more growth and success in the months and years to come.”
Adamolekun added that Autochek will continue to leverage its partnership with several banks to provide Egyptians with the infrastructure to make car ownership more accessible and affordable.
Etop Ikpe, the former CEO of Cars45, founded Autochek in 2020 as an automotive technology startup that uses analytics-backed technology to expand auto finance penetration across the continent.
Since its inception, the startup has raised more than $16.5 million and is now building the financial infrastructure that will drive the penetration of auto financing across Africa, powered by a data analytics engine that makes it easier for financial institutions to offer credit to consumers.
With the acquisition of AutoTager, Autochek is better positioned to capture a larger share of the growing MENA automotive market, which is expected to witness significant growth in the coming years.
