Dubai-based digital media company Diwanee has been acquired by Webedia, a Paris digital publishing firm.
The value of the deal, which remains undisclosed, is reported to be worth between $20 million and $50 million, which would make it one of the biggest acquisitions of a digital company in the Middle East.
Webedia will also invest an additional $5 million to help Diwanee widen its geographical reach and boost its user ratings. Hervé Cuviliez, CEO and founding partner at Diwanee, said: “This majority acquisition by Webedia will enable Diwanee to reinforce its position as a leader in the digital media sector in the region as well as fuel innovation and growth to allow us to continue to provide the highest quality content and state-of-the-art technology and advertising solutions to our clients.”
Guillaume Multrier, co-founder of Webedia, added: “Diwanee has all the elements of a successful player in the digital media space: a solid business model, strong management and a growing market segment. The capital injection is exactly what they needed to realise their potential. For Webedia, thanks
to this operation, we are strengthening our position as a leader among digital media companies and continue with the group’s development internationally.”
Webedia currently has more than 40 million unique users from its presence across France, Brazil, Turkey, Germany and Spain.
Founded in 2009, Diwanee serves one of the largest online female audiences across the Middle East through its portfolio of sites, Yasmina.com, 3a2ilati.com, AtyabTabkha.com, and Mooda.com.