Connect with us

News

Autochek to Strengthen Pan-African Footprint with Acquisition of Egypt’s AutoTager

Published

on

Kindly share this post

Autochek, the automotive technology company making car ownership more accessible and affordable across Africa, has announced the acquisition of a majority stake in AutoTager, an Egyptian automotive technology company that makes it easier to find and buy cars, to deepen its presence in North Africa and support the company’s ongoing growth.

AutoTager is a venture backed startup that is removing the friction from the car buying and selling process in Egypt, enabling easier access to vetted vehicles and financing for consumers, and connecting dealers with serious buyers and technology solutions to improve their operations.

The company was founded in 2021 by Amr Rezk, a serial entrepreneur that has founded and co-founded multiple successful companies, including Fundseer, a leading private equity GP/LP coordination platform.

Amr has deep experience operating in and investing in various geographies across Africa and the Middle East, with a track record of building and sustaining high growth enterprises.

Prior to becoming an entrepreneur, Amr worked with several large institutions including Goldman Sachs, EFG-Hermes and the Qatar Investment Authority where he led the Private Equity and Venture Capital Funds Investments Team.

He has an academic background as an economist and holds an MBA from Harvard Business School.

The acquisition represents Autochek’s entry into Egypt, which is Africa’s second largest economy and the continent’s second largest automotive market.

The country’s strategic geographical position, skilled workforce, large domestic market and the successful reforms undertaken by the country’s government in recent years has enabled dynamic growth and made it one of the largest recipients of Foreign Direct Investment (FDI) in Africa over the past decade.

This acquisition also represents the third for Autochek in less than a year and the sixth in under two years, reflecting its emergence as the leading Pan-African automotive technology company.

The company now has active operations in 9 countries across East, West and North Africa, with a partner-led footprint of more than 2,000 dealers and workshop locations.

This unrivalled footprint enables unparalleled insights into vehicle-related transactions and positions Autochek and its subsidiaries to deliver effective solutions for the needs of a wide range of stakeholders in Africa’s automotive ecosystem.

Commenting on the acquisition, Olajide Adamolekun, Group CFO and co-founder of Autochek, said, “Amr’s background and track record is as impressive as it gets and I am delighted to have him on board.

“His experience will be invaluable as we enter the Egyptian market and continue on our mission to improve the automotive finance value proposition on the continent and catalyse more growth across the automotive ecosystem.

“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”.

Amr Rezk, CEO and Founder of AutoTager, said, “We are thrilled to partner with Autochek to pursue several sizable and unique opportunities in the automotive space. Autochek has deep automotive expertise and brings a proven playbook and several all-weather strategies that have been tested and validated in multiple complex high growth markets.

“The company’s track record of concurrently operating various business models in the automotive space is stellar and provides us with a wide menu of options and cutting-edge tools to offer AutoTager’s customers a truly unique proposition.

“We have very exciting plans and are confident that the global OEM and financing partnerships that Autochek has secured will also provide us with differentiated access allowing us to lead in our space while targeting high quality top decile returns”.


Kindly share this post

Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

News

9PSB Advocates for Healthy Lifestyle Lagos @ Global Public Health Week 2024

Published

on

Kindly share this post

In a bid to further create awareness on the need to practice healthy lifestyle particularly among the productive segment of the society, 9 Payment Service Bank (9PSB), Nigeria’s digital payment service bank, focused on financial inclusion, has advocated for a healthy lifestyle among staff members.

This was made known during a webinar session titled My Health, My Right, facilitated by a health expert, Dr Stephen from AXA Mansard Wellness Team. This was to commemorate this year’s Global Public Health Week, themed: Fostering Peace as a Prerequisite for Equitable Health.

The health week, marked with a series of activities, was designed to enlighten, and raise staff consciousness about healthy living and the factors that determine positive wellbeing.

This is expected to ensure quality of life to achieve high productivity through regular exercises, medical checks, eating healthy, attaining quality rest and the avoidance of toxins to attain improved life expectancy.

Commenting on this year’s theme, Branka Mracajac, the Managing Director and Chief Executive Officer of 9 Payment Service Bank (9PSB), noted that, “Good health is an important aspect of life that is non-negotiable.

Achieving a worthwhile life-work balance is of utmost importance and cannot be handled lightly. The wellbeing of every individual is determined by the kind of choices made daily and intentional efforts accelerated with a mission, actions, and decisions for desired outcome”.

Branka further added, ‘’There is always a price paid for every good outcome. Self-discipline should be inculcated into our daily lives and right steps taken to avoid poor lifestyle that impact negatively on our health.

As the saying goes ‘’health is wealth”. Therefore, we have no reason not to take our health seriously. “As an organisation, we have made provisions for Health Insurance for all staff as required by law and in partnership with our designated Health Management Organisation to ensure access to healthcare for all staff members. We will continue to thrive and take adequate care of our human capital as they are key to the success of our organization”.

The health week activities came to a climax with a well-organized 42-minute walk by all staff members from the Head Office at Adeola Odeku through Saka Tinubu in Victoria Island, Lagos.

The activities were organised to instill in staff the need to indulge in frequent exercises as it improves mental alertness, cardiovascular functions, weight control, reduce risk of chronic conditions like type 2 diabetes and hypertension.

Global Public Health Week (GPHW) is an annual event, organised by the World Federation of Public Health Associations (WFPHA) to mark a pivotal moment for the global public health community.

It aims to bring together institutions, communities, and public health actors from around the world to recognise the contributions of public health and its workforce and to engender discussions on the best practices and gaps fundamental to disease prevention and the promotion of health and wellbeing around the world.


Kindly share this post
Continue Reading

News

Google Fires 28 Employees Involved in Protest over $1.2Bn Israel Contract

Published

on

Kindly share this post

Google has fired 28 employees who participated in a 10-hour sit-in at the search giant’s offices in New York and Sunnyvale, California, to protest the company’s business ties with the Israel government.

The pro-Palestinian staff at Google had donned traditional Arab headscarves as they stormed and occupied the office of a top executive in California on Tuesday, April 16.

They were fired late Wednesday, April 17, after an internal investigation, Google vice president of global security Chris Rackow said in a companywide memo.

“They took over office spaces, defaced our property, and physically impeded the work of other Googlers,” Rackow wrote in the memo.

“Their behavior was unacceptable, extremely disruptive, and made co-workers feel threatened.”

In New York, protesters had occupied the 10th floor of Google’s offices in the Chelsea section of Manhattan as part of a protest that also extended to the company’s offices in Seattle for what it called “No Tech for Genocide Day of Action.”

“Behavior like this has no place in our workplace and we will not tolerate it,” Rackow wrote.

“It clearly violates multiple policies that all employees must adhere to – including our code of conduct and policy on harassment, discrimination, retaliation, standards of conduct, and workplace concerns.”

Rackow added that the company “takes this extremely seriously, and we will continue to apply our longstanding policies to take action against disruptive behavior – up to and including termination.”

The fired staffers are affiliated with a group called No Tech For Apartheid, which has been critical of Google’s response to the Israel-Hamas war.

The impacted workers blasted Google over the firings in a statement shared by No Tech For Apartheid spokesperson Jane Chung.

“This evening, Google indiscriminately fired 28 workers, including those among us who did not directly participate in yesterday’s historic, bicoastal 10-hour sit-in protests,” the workers said in the statement.

“This flagrant act of retaliation is a clear indication that Google values its $1.2 billion contract with the genocidal Israeli government and military more than its own workers — the ones who create real value for executives and shareholders.”

“Sundar Pichai and Thomas Kurian are genocide profiteers,” the statement added, referring to Google’s CEO and the CEO of its cloud unit, respectively.

“We cannot comprehend how these men are able to sleep at night while their tech has enabled 100,000 Palestinians killed, reported missing, or wounded in the last six months of Israel’s genocide — and counting.”


Kindly share this post
Continue Reading

News

PalmPay Unveils First Set of Winners in Eid Mobile Bonanza

Published

on

Kindly share this post

PalmPay has announced the first set of winners in its ongoing Eid campaign tagged PalmPay Eid Bonanza, which kicked off on April 10th and will run until April 30th, 2024.

Since the start of the bonanza on April 10th, 5 lucky winners have been emerging daily simply by performing tasks on the PalmPay App such as transferring funds, airtime and data purchases, bill payments, and savings.

Comfort Udoh from Lagos, one of the proud recipients of an iPhone 15 Pro, expressed her sheer delight. “I simply won by recharging my phone with airtime on the PalmPay app. I received the exciting news via a call from PalmPay Nigeria. I thank them for the generous reward of a brand new iPhone 15 pro”

Also, Mr. Abegurin Patrick Segun’s winning entry came about when he placed a N100 bet using his PalmPay app. It was a delightful surprise for him to receive a call from PalmPay Nigeria, informing him of his victory in the daily raffle draw, and he’s now the proud owner of an Infinix Hot 40i.

To participate in the remaining weeks of the campaign, download the PalmPay App from Google Play or App Store. Sign up for an account and include your BVN or NIN to complete the process and click on the  Eid Bonanza Feature.

There are still numerous phones to be won daily, along with the added bonus of daily free transfers to any bank via the PalmPay App.

Enakeno Umuteme, the Head of Marketing and Communications at PalmPay Nigeria, notes that “Our primary objective is to reward and acknowledge our loyal customers. This campaign stays true to its promise of appreciating Nigerians who are PalmPay users”

PalmPay offers an array of services including money transfers, bill payments, credit services, and savings on its app and via its mobile money agents. Since its inception in Nigeria in 2019 under a Mobile Money Operator license, the platform has amassed over 30 million app users as part of its cashless payment ecosystem.


Kindly share this post
Continue Reading

Trending