Encuentra24, a leading marketplace and business solution provider in Central America and OLX Group, a leading global marketplace network, have announced their merger in Central America today. As part of the deal, Encuentra24 and OLX Group will combine their operations in four countries.
In Panama, Costa Rica and El Salvador, the existing Encuentra24 and local OLX platforms will merge under the Encuentra24 brand. In Guatemala, the local OLX platform will merge and launch under the Encuentra24 brand. Encuentra24 will manage the new local operations in all four countries, in addition to its existing businesses in other markets in Central and Latin America.
This merger will provide the more than five million monthly users with access to a new, best-in-class online classifieds experience. Encuentra24 and OLX bring unique and complementary capabilities in terms of product development and features. Offerings will be strengthened in key categories, including real estate, automotive and job categories. Together, both companies form the most popular and highest-ranking classifieds platforms across their markets, with a combined total of almost 600,000 listings.
Encuentra24’s CEO & Co-founder, Boris Métraux said: “This merger brings considerable growth potential for the new company and we are excited to be gaining access to two new markets. The Encuentra24 business has gone from strength to strength in recent years, and with OLX we can accelerate this growth in new and innovative ways. Together we are dedicated to giving our users the best experience possible.”
OLX Group Regional Manager, Ricardo Donoso said: “We’ve always believed in a strong local proposition for our users, so we’re delighted to be joining forces with a regional player that has a high-growth mindset. With the merger, our customers will benefit from a broader offering and a better user experience, creating value both for users and for the business. This deal is definitely setting a new benchmark in the online classifieds industry for Central America.”