The company announced that it will buy the popular Middle East retailer for an undisclosed sum. During its last funding round, Souq was valued at more than a billion dollars. In a statement, Russ Grandinetti, Amazon's senior vice president of international consumers, said:
"Amazon and Souq.com share the same DNA—we're both driven by customers, invention, and long-term thinking. Souq.com pioneered e-commerce in the Middle East, creating a great shopping experience for their customers. We're looking forward to both learning from and supporting them with Amazon technology and global resources. And together, we'll work hard to provide the best possible service for millions of customers in the Middle East."