Autochek has acquired a majority stake in AutoTager, an Egyptian automotive technology company, to expand its presence in North Africa and support its growth.
AutoTager was founded in 2021 by Amr Rezk, a serial entrepreneur with experience operating in and investing in various geographies across Africa and the Middle East.
The acquisition marks Autochek’s entry into Egypt, the second-largest economy and second-largest automotive market in Africa.
This is the third acquisition for Autochek in less than a year and the sixth in under two years, making it the leading Pan-African automotive technology company.
Autochek now operates in 9 countries with over 2,000 dealers and workshop locations, providing insights into vehicle-related transactions and solutions for stakeholders in Africa’s automotive ecosystem.
Olajide Adamolekun, co-founder and Group CFO of Autochek, commented on the acquisition, stating that Amr Rezk’s background and track record will be valuable as Autochek enters the Egyptian market and continues to enhance the automotive finance value proposition across Africa. Adamolekun sees parallels between Autochek and AutoTager and believes they can leverage these to achieve greater success in the future.
Amr Rezk, CEO and Founder of AutoTager, said, “We are thrilled to partner with Autochek to pursue several sizable and unique opportunities in the automotive space. Autochek has deep automotive expertise and brings a proven playbook and several all-weather strategies that have been tested and validated in multiple complex high-growth markets. The company’s track record of concurrently operating various business models in the automotive space is stellar and provides us with a wide menu of options and cutting-edge tools to offer AutoTager’s customers a truly unique proposition.”