A Big Deal For The Middle East, Daily Deals Site Cobone Acquired By Tiger Global Management

After months of speculation that its backer Jabbar Internet Group were shopping around for a sale, the leading Middle Eastern daily deals site Cobone has been acquired by investment firm Tiger Global Management. The size of the deal remains undisclosed, though my understanding is that the figure of $40 million that?s been touted building up to this sale isn?t far off the mark. Furthermore, the acquisition -- which sees Jabber Internet Group exit entirely -- is said to leave Dubai-based Cobone with additional capital to further its ambitions in the region, while its Irish founder and CEO Paul Kenny, along with other key members of the management team, will remain with the company.

Source: http://feedproxy.google.com/~r/Techcrunch/~3/g3nH-5ezstc/

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