Autochek, an automotive technology company facilitating auto financing across Africa and ROAM Africa, have entered into an agreement to acquire automotive marketplaces Cheki Kenya and Cheki Uganda as it expands further into the African market.
The deal is expected to be finalised within the following weeks and will see Cheki Kenya and Uganda’s operations integrate with the wider Autochek operations.
The move comes just a year after the company successfully launched operations in Nigeria and Ghana as part of its move to enter West Africa.
Speaking on the acquisition, Mr Etop Ikpe, Founder and CEO of Autochek explained that his outfit was looking at acquiring East Africa’s leading online auto marketplace to expand its footprint in the region as well as continue its mission to provide seamless access to auto financing across the continent.
“The acquisition of Cheki Kenya and Uganda is an important milestone for us, and we are excited to be working with ROAM Africa once again, building on their achievements over the past years.
“ROAM Africa has an unrivalled track record of operating and scaling some of Sub-Saharan Africa’s most innovative classified marketplaces and we look forward to leveraging on this solid business foundation,” he noted.
“Autochek’s mandate is to accelerate the ability of African consumers to access better quality and affordable vehicles by providing access to financing, while also derisking the auto lending process for financial institutions.”
For his part, the Chief Executive Officer of ROAM Africa, Clemens Weitz, said “Across the world, we see a new evolution of digital automotive platforms, requiring deep specialization. Specifically in Africa, we believe that Autochek is the one player with the best team and expertise to truly create a game-changing consumer experience”.
“For ROAM Africa, this deal is more than a very good transaction. It unleashes even more focus on the strategic playbook for our core businesses. We have a clear strategy that will further strengthen our leading marketplaces and invest into innovative product solutions. The opportunity is now bigger than ever, since the pandemic has vastly accelerated digitization across the continent. In the last two years, our businesses recorded unprecedented growth. Thus, our commitment to connect Africans to opportunities remains strong,” added Mr Weitz.