The Hungarian subsidiary of eMAG, owned by Naspers giant and Romanian entrepreneur Iulian Stanciu, will merge with Extreme Digital – the leader of the retail market in the neighboring country – thus forming an entity that targets 1 billion euros of business, according to a company announcement.
“This partnership is a recognition of the scalability and quality of eMAG technologies developed over the past ten years. We are confident that the eMAG development in the region will intensify as a result of this merger, creating the premises for expansion in countries where Extreme Digital is already active, “said Iulian Stanciu, eMAG CEO.
“Extreme Digital was founded in 2001 by Balázs Várkonyi and Gyula Kelemen, the most powerful technology entrepreneurs in Hungary. Their experience, along with eMAG technology and know-how, will help us build the largest local technology company with a target of one billion euros in six years.”
“For Marketplace partners, eMAG is becoming a gateway to business scaling and internationalization, while for Hungarian customers it translates into more benefits: access to more products, better prices, greater convenience through services delivery and return to high standards. Extreme Digital is an important player on the Hungarian retail market, which uses a hybrid business model combining online and offline marketing. This way, customers can get offline products they have ordered online in their 16 stores.”