Swiss-owned e-commerce company Ringier has acquired Nigerian online shopping startup DealDey for undisclosed amount, the company announced on Wednesday.

The Swiss group created an Africa unit, Ringier Africa Deal Group,  through a joint venture with South Africa-based Silvertree Internet, which has been on a acquisition spree around the continent.

Ringier Africa Deal Group has previously been used to buy Kenya’s and Ghana’s online deals businesses Rupu and Tisu.

DealDey, one of Nigeria’s largest online shopping platforms,  was founded in 2011 by serial entrepreneur Simdul Shagaya together with Investment AB Kennevik and has over one million users, 15,000 merchants and over 20,000 listed businesses.

In addition to its core platform, DealDey today also comprises of the couponing platform Promohub and discovery platform Lyf, both forming part of the acquisition.

In 2011, DealDey raised about $1 million from Swedish investment firm Kinnevik. This was followed up by another $5 million investment in series B financing in 2015.

The site is ranked  at 41 in Nigeria by Alexa.

“The DealDey team is excited about joining forces with the newly-formed Ringier Africa Deals Group,” DealDey Co-CEOs Kehinde Oriola  and Etop Ikpe said in a statement.

“… we will be leveraging the Ringier Africa portfolio in marketing, classifieds and media as well as Silvertree’s e-commerce expertise towards supporting the sustainable growth of the group.”

Oriola will continue as the CEO of DealDey as part of Ringier Africa, while Ikpe will be moving on to new ventures.

The Nigerian startup had to cut its work force by 60 percent at the end of last year to streamline it operations and make them more efficient, Tech Point reported..