Fifteen years ago, Sim Shagaya, the founder of Konga, established an Advertising company named E-Motion. The company which has survived various business storms has now been acquired by Seyi Tinubu through his company, Loatsad Promomedia Limited.
The worth of the deal was not revealed. However, since both companies operate in the same industry, it is expected they will leverage their market position to improve and boost growth.
According to a statement, Shagaya remains a director at E-Motion which operates Out-of-Home advertising including billboard, transit and street furniture segments.
Shagaya’s current startup is uLesson, a tech platform transforming the learning method in the education system, has had other startups that have been acquired. They include DealDey acquired by Ringier and Konga acquired by Zinox.
It might interest you to know that ARM Capital Partners acquired a significant minority equity interest’ in E-Motion in 2011.
While reacting to the acquisition, Tinubu, the son of former Lagos State Governor and National Leader of the ruling party, All Progressive Congress (APC), Bola Tinubu, said he can’t wait to meet his new family in an Instagram Post, “Thankful for my team and partner Adenrele Olusoga and can’t wait to meet our new family @E-motion (Most Importantly To God be the Glory).”
- How to Manage Employee Hours Without the Hassle - 12/14/2024
- New Report Reveals Potential of Harnessing AI Innovations To Create a Thriving Labour Market for Africa’s Youth - 12/05/2024
- New Report Calls For Inflation-adjusted Compensation and Improved Training Support to Retain Talent in Nigeria’s Finance Sector - 12/03/2024