source: arabcrunch.com
This deal is significant, because it is the largest acquisition that happened(
Estimated 100 Million USD)in the tech sector in the Arab world since ever. It means allot, now Venture Capitalist (VC) and investors will see that there is an exit in funding they put into startups from the Arab world. Which means there will be more VCs and funding activities happing in the Arab world, which means more Arab startups and more jobs!
What we need next, is to see a world class IPO for an internet or a technology startup from the Arab world especially in the Internet space.
Maktoob started back around 1997 as the first Arabic web-based email, founded in Amman, Jordan by Samih Toukan and Husam Khouri. The web-based email reached around 115000 users within a year, the company received funding from EFG HERMEZ and then Abbraaj Capital which sold its equity to Tiger Global Management. Maktoob now operates over a dozen of websites under Maktoob brand ranging from search (via Araby.com) web mail, social networking, blogging platform, sports, Q&As, photo and video sharing. Today Maktoob visitors stand around 16 million a month, as the largest portal in the Arab world from the Arab world.