It is rare to hear of an online publication (famously known as blogs) getting an investment let alone an acquisition, especially in these sides of the world. After the failed buyout of Ghafla by Ringier, there have been no investment activities happening in the space until recently.
Kenyan online business news publication, Business Today, has reportedly been acquired by Badoer Investments owned by Dubai-based businessman Ricardo Badoer. There are no exact details of the acquisition, aside from the information that Badoer Investments now holds the majority stake of Business Today.
Business Today was founded back in 2012 by former Nation Media Group business editor, Luke Mulunda. At the time of acquisition, Business Today was getting around 300,000 page visits per month with 100% organic traffic.
Speaking to Urbwise, Mr Luke Mulunda said that we should expect a few changes to Business Today as it aligns itself for growth. “A lot will definitely change given that we have a new shareholder on board. Most changes will, however, target growing Business Today and its brand in Kenya and the region,” he said.
Mr Mulunda shall remain at the helm of Business Today as he steers Business Today towards regional growth with the help of the new investors. “The new shareholder will certainly bring in new ideas from his global experience which we will combine with my local experience to grow the business today into a digital powerhouse,” said Luke.
The investor, Badoer Investments, has been on a streak of acquisitions and capital injections, having acquired Wazito Football Club – a football team playing in the National SuperLeague in Kenya as well as pumping 100 million shillings into Sumac Microfinance Bank.