#tsikot

Leading automotive site, Tsikot.com, has been sold to Now Web Solutions which is owned by serial entrepreneurs Rael Ross and Renato Dayan. 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). 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. For the close to two years now, MIH (majority owners of Sulit.com.ph) has been trying to buy Tsikot -- an online Filipino community/forum focused on cars and general automotive. According to a source close to the deal, MIH offered "up to" Php100 Million to the founders of Tsikot. Likewise, the acquisition involved 100% of Tsikot (it started out as simple majority at first) so that means the founders will eventually be taken out of the picture completely. Tsikot will continue to be run independently and MIH will pursue the car classifieds thru Sulit.com.ph (a move they've already been doing for a while now). Read more in our articles including "Tsikot.com acquired for undisclosed sum" and " Tsikot's Php100M offer by MIH breaks down ".