Leading automotive site, Tsikot.com, has been sold to Now Web Solutions which is owned by serial entrepreneurs Rael Ross and Renato Dayan.
The new owners are working to re-launch its classifieds, revamp the forum into a more social media style solution for cars and technology and have established an automotive news feed.
Back in 2011, we reported that MIH (majority owners of Sulit/OLX) have been negotiating with Tsikot with an investment valued at Php100 million (read our story here). However, talks broke down after both parties did not agree to the terms of the deal.
Rael runs the largest private factoring finance company in Australia, while Renato is the tech director of Light Media, a prominent Melbourne based technology company.
Renato established CarsNow Philippines in 2015 and experienced significant growth on automotive online classifieds and service to dealers. The acquisition of Tsikot will result into a merge between the Tsikot brand equity and the CarsNow platform.
“We are working to revamp the Tsikot, bring a new user experience and provide high end technology for our users” explained Renato. Rael also detailed how they are “revitalizing the established house hold brand – providing better services to the community in line with the new culture and customer expectations”.