Autochek acquires majority stake in Egypt based Autotager
In order to strengthen its position in North Africa and support the business’ ongoing growth, AutoTager, an Egyptian automotive technology company that makes it simpler to find and buy cars, has announced the acquisition of a majority stake from Autochek. AutoTager is an automotive technology company that makes car ownership more accessible and affordable across Africa.
AutoTager is a venture-backed startup that is streamlining the purchasing and selling of cars in Egypt, making it simpler for customers to access vetted vehicles and finance, and connecting dealers with serious buyers and technological solutions to help them run their businesses more effectively. Amr Rezk, a prominent serial entrepreneur who also co-created the industry-leading private equity GP/LP coordination platform Fundseer, started the business in 2021.
Amr has a proven track record of establishing and maintaining high growth businesses. Amr has extensive expertise working in and investing in diverse geographies throughout Africa and the Middle East. Amr formerly had positions with a number of significant organizations, including Goldman Sachs, EFG-Hermes, and the Qatar Investment Authority, where he oversaw the team responsible for investing in private equity and venture capital funds. He studied economics in college and has an MBA from Harvard Business School.
With this transaction, Autochek has gained access to Egypt, the continent’s second-largest economy and automobile market. Due to its advantageous geographic location, skilled labor force, sizable domestic market, and recent government-led reforms that were successful, the nation has experienced rapid economic growth and is now one of Africa’s top destinations for foreign direct investment (FDI).
This acquisition marks Autochek’s third in less than a year and sixth in less than two, demonstrating the company’s ascent to the top position in Pan-African automotive technology.
With a partner-led footprint of more than 2,000 dealers and workshop locations, the organization presently has active operations in 9 countries throughout East, West, and North Africa. This unrivaled reach offers unmatched insights into transactions involving vehicles and places Autochek and its subsidiaries in a position to provide practical solutions for a variety of stakeholders’ demands in Africa’s automotive ecosystem.
Olajide Adamolekun, Group CFO and co-founder of Autochek, commented on the acquisition, saying, “Amr’s history and track record are as outstanding as it gets, and I am thrilled to have him on board. As we join the Egyptian market and carry out our aim to strengthen the value proposition for automotive finance on the continent and spur further growth throughout the automotive ecosystem, his experience will be of immeasurable value. AutoTager and Autochek share numerous similarities, and we look forward to leveraging these similarities to further our growth and success in the months and years to come.
