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UAE: YOUGotaGift sells 91% stake to international eGifting platform giftee

Acquisition sets a new paradigm for growth and opportunity in the UAE, Saudi Arabia and the wider region

Published: Mon 11 Nov 2024, 3:21 PM

Updated: Mon 11 Nov 2024, 3:22 PM

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YOUGotaGift, , a leading e-gift company in the Middle East since 2013, announced on Monday that it has agreed to sell a 91% stake in the business to Japan-based giftee Inc.

“This cross-border acquisition deal presents a significant opportunity to reinforce its leadership in the GCC’s digital gift card sector while unlocking global expansion opportunities,” a statement said. Monday also marked the company’s 11th anniversary.

giftee Inc, a leading eGifting platform with a strong presence in Japan, Malaysia, Indonesia and Vietnam, sees its investment as a vote of confidence in the GCC’s fast-growing payment prepaid cards market, which is expected to reach $20 billion by 2028.

The existing management team will remain in place to ensure continuity and ongoing growth. As part of the acquisition, the shares of all existing shareholders, including Middle East Venture Partners and HoneyBee Tech Ventures, will be bought out thereby transferring ownership to giftee.

The transaction is subject to regulatory approvals and other customary conditions and is expected to close by the end of November 2024.

As a result of this acquisition, giftee will gain a valuable footprint in the rapidly developing GCC region, benefit from the innovative digital gift card technology of YOUGotaGift and take the company to new international markets. YOUGotaGift will leverage giftee’s international expertise to introduce further innovations for its clients and customers across the region.

Husain Makiya, CEO & co-founder, YOUGotaGift, said: “Eleven years ago, in 2013, we pioneered digital gift cards from the UAE. Since then, we have built the GCC’s leading digital gift card business, expanding to Saudi Arabia and the wider Middle East region. As we celebrate our 11-year anniversary, we are delighted to have attracted the attention of an international platform like giftee. With the backing of giftee and their insights and international experience, we are excited to strengthen our regional leadership position, expand beyond the GCC and support our employees growth and development.”

Abdulkader Bibi, co-founder, YOUGotaGift, added: “Building YOUGotaGift into the region’s leading digital gift card marketplace has been a journey rooted in the vision of connecting people through meaningful rewards. Today, we are thrilled that our success story has resonated with giftee, creating a unique opportunity to showcase the strength of the GCC’s digital ecosystem on a global stage. This acquisition not only reflects the international potential of homegrown businesses like ours but also underscores the vast opportunities that lie within the region.”

Since its inception in 2013, YOUGotaGift has thrived within the UAE’s entrepreneurial ecosystem and has expanded across the GCC. In 2017, the company marked a growth milestone when it entered Saudi Arabia. It has since built a base of consumer and corporate clients, who benefit from YOUGotaGift’s world-class digital gift card marketplace that provides access to +1,000 regional and +5,000 international brands via its proprietary HappyYOU multi-brand card.

Since 2021, the company has expanded its client portfolio by 30%. YOUGotaGift is now collaborating with leading institutions and government entities across the region

Mutsumi Ota, CEO, giftee inc., said: “We are very pleased to welcome YOUGotaGift into our group. Since the businesses of both companies have much in common, we were able to share many things in a short time, including our medium- to long-term visions and growth strategies. In the future, we would like to work with YOUGotaGift to become a global e-gift platform that transcends each company’s respective regions of operation.”



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