The acquisition is the newest move in line with Japanese company’s global expansion program for 2014, which includes previous acquisitions in Spain, USA and Indonesia. Shahiya’s team, including the top management, will continue working in company headquarters in Beirut as part of Cookpad’s international team.
Shahiya claims over 3 million monthly visitors of whom 90% are women and one third coming from Saudi Arabia.
Tomoya Yasuda, Head of Cookpad International, said the acquisition will ‘enable Cookpad to tap into the Arabic speaking market, continue to boost Cookpad’s user base, and accelerate the global launch of Cookpad’s recipe services.’
Hala Labaki, co-founder and CEO of Netsila said “We have always known that Shahiya’s future should be aligned with such a global player. Like Cookpad, we obsess over our users and the simplicity of our offering, and look forward to expanding and doing more for our community”.
Walid Hanna, MEVP managing partner, said: “Shahiya is our first exit, and we are very proud that it takes place via Cookpad, a listed company with global reach. This validates our strategy of investing in companies with the potential to become MENA leaders in their own vertical market.”
Subject to final legal approvals, the acquisition is expected to close by the first quarter next.