Egyptian startup Sa3ar Technology Solutions, a platform that digitises auto-auctions deals, has been acquired by automotive marketplace Contactcars, a subsidiary of Contact Financial Holding.
Founded by Adham Hosny and Hussein Hosny, Sa3ar Technology Solutions provides car valuation technology and a dealer-specific auction platform.
The startup has just been acquired by Contactcars, Egypt’s leading automotive marketplace, in a deal that will enable the latter to enhance its user experience by offering a holistic pricing tool catering to both dealers and car traders.
The Sa3ar founders and team will continue to work with Contact to develop new and innovative services to bring to market.
“With online usage growing tremendously among both consumers and business, and with the increasing shift to digital by car market players, this acquisition allows us to bolster Contactcars’ market-leading position as well as lay the foundation for additional services going forward. This is just the first step in a series of investments which will be announced in due course,” said Said Zater, chief executive officer (CEO) of Contact Financial Holding.