Hungarian e-commerce sector changes drastically thanks to groundbreaking acquisition
Ingatlan.com Plc., a Hungarian company, acquired two flagships in the Hungarian e-commerce sector: Használtautó.hu and Jófogás.hu. That means the business sector will change significantly.
According to index.hu, Ingatlan.com Plc., a Hungarian property buy and sell website, bought Használtautó.hu and Jófogás.hu‘s operator, the Adevinta Classified Media Hungary Ltd. Használtautó is a second-hand and showroom car buy and sell website, while you can buy almost everything on Jófogás, including real estate and cars. Ingatlan.com did not share the buying price, but the acquisition can trigger a significant change in the Hungarian e-commerce sector.
After the transaction, the new business will have two control centres. One’s responsibility will be the Használtautó.hu and the Autónavigátor.hu. Meanwhile, the other will be responsible for Jófogás.hu and Vatera.hu, who left the eMAG Group this summer.
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A loss-making company bought them with state loan
Ingatlan.com wrote that the acquisition was supported by a state program, the Baross Gábor Reindustrialisation Program. The program provided the Hungarian company with a low-interest loan. The new owners said the acquisition might mean a significant change in the domestic e-commerce sector. That is because Hungarian companies have not been present in the sector’s top so far.
They added that such companies were regularly bought by international giants from the Hungarian founders. However, they said that global trend shows locally operated websites have become more successful recently. The new owners hoped that their thorough market knowledge would create development opportunities.
Adevinta Hungary employs 1,300 people. Based on open-source company data, in 2021, their traffic reached HUF 4.33 billion (EUR 11.3 million), while that sum went above HUF 4.55 billion (EUR 11.86 million) in 2022. HUF 300 million came from foreign purchases each year. However, the company was not profitable. In 2021, their loss was HUF 39 million. In 2022, that climbed to HUF 329 million (EUR 860,000).