Naspers outlines R4.7bn ecommerce drive
Naspers plans to purchase more ecommerce companies after making US530 million (R4.7 billion) in acquisitions in the six months leading up to September this year, according to a media report on Wednesday (28 November).
Naspers CEO Koos Bekker said the company would make as many as 20 more acquisitions in e-commerce leading up to March of next year, according to Business Report.
Naspers CFO Steve Pacak said the company had found ecommerce companies to be more reasonably priced in the first seven or eight months compared to the previous year.
He said sellers had dropped their price expectations following the less than anticipated results of Zynga, Groupon and the Facebook initial public offering.
Naspers ecommerce revenue increased by 61% to nearly R4 billion. However, about R1 billion in spending on development left it with a trading loss of R767 million.
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