*Data updated daily at 18:00 EAT
UAE-based logistics services provider X-ERA has acquired Egypt’s B2B marketplace SPEED, as part of its international expansion strategy. The value of the acquisition remains undisclosed. The takeover marks a significant milestone in the digital transformation that aims at connecting FMCG supplies with small and medium merchants, retailers, and soon consumers through digital platforms. X-ERA is now revamping SPEED with its partners to make it more user-friendly, as well as furthering the inclusion of features and benefits to FMCG merchants and retailers.
SPEED’s platform enables small & medium-sized grocery store owners in Egypt to procure inventory not only from wholesalers, distributors, and manufacturers at transparent rates; retailers can also access a one-stop shop to explore a wide variety of products from multiple brands. X-ERA’s mission is to empower and enable grocers, retailers, and merchants by benefiting access to a wide range of products, premium services, and operational support for elevating their capabilities within all the day-to-day operations aspects.