A US logistics technology company is moving into Nigeria through a deal that will give it control of one of the country’s growing logistics startups.
Pigee Inc. has agreed to acquire a 55% stake in ShipAfrica, a Nigerian logistics technology company founded in 2022. The transaction will take place in three stages over 18 months and will be funded through a combination of cash and equity.
The value of the deal has not been disclosed.
ShipAfrica will keep its name, existing management and team, while founder Walter Isoko will remain as chief executive. Once all three stages are completed, Pigee will become the controlling shareholder.
Pigee Is Entering Nigeria Through ShipAfrica
For Pigee, the acquisition provides an established operating base in West Africa instead of requiring the US company to build a Nigerian logistics network from scratch.
ShipAfrica already has local logistics relationships, carrier connections and operating infrastructure. The startup serves individuals, merchants and third-party logistics companies through a platform that brings shipping services together.
Pigee plans to combine those local capabilities with its own logistics technology and international shipping infrastructure.
The strategy gives Pigee a starting point for developing a wider logistics network across Africa.
Who Is ShipAfrica?
ShipAfrica was founded in 2022 by Walter Isoko.
The company describes itself as a Pan-African logistics software business focused on helping African businesses ship parcels within Africa and to international markets.
Its platform supports shipping for businesses and connects users with logistics partners and carriers. The company also operates from Lekki, Lagos, giving the business a direct presence in Nigeria’s commercial centre.
The startup’s business model focuses on making logistics easier for merchants and other businesses that need to move products locally or across borders.
That puts ShipAfrica in an important part of the digital commerce chain. Finding customers online is only one part of selling products. Businesses also need a reliable way to collect, transport, track and deliver those products.
ShipAfrica Has Been Growing Its Transaction Volume
One of the clearest indicators of ShipAfrica’s growth is the value of shipments processed through its platform.
The company processed more than ₦2 billion worth of shipments during the 12 months to March 2024.
By 2025, that figure had risen to more than ₦7 billion in annual transaction value, according to reporting on the acquisition.
The figures do not represent ShipAfrica’s revenue. They refer to the value of shipments processed through its platform.
That distinction matters because transaction value measures the volume moving through a logistics platform, while revenue reflects the money the company earns from its services.
Still, the increase shows that ShipAfrica has expanded the amount of logistics activity passing through its network.
Why Pigee Wants a Nigerian Logistics Base
Pigee’s interest in ShipAfrica is closely tied to the difficulty of building logistics infrastructure across a new market.
A foreign logistics technology company entering Nigeria needs more than software. It needs relationships with carriers, knowledge of local delivery conditions, operating partners and an understanding of how merchants move goods.
ShipAfrica already has those local connections.
The acquisition therefore gives Pigee access to an operating business while providing ShipAfrica with access to a larger international logistics technology platform.
Pigee CEO Leroy Lawrence said the companies intend to combine Pigee’s software, international shipping and payments infrastructure with ShipAfrica’s local hubs, carrier relationships and Nigerian operations.
The Deal Will Happen in Three Stages
The 55% acquisition will not happen through one immediate transfer.
The transaction is structured across three stages over an 18-month period.
Pigee will use a combination of cash and equity to complete the acquisition. The financial terms for the individual stages could change as Pigee raises additional capital.
The total transaction value has not been made public.
That means there is no verified dollar or naira valuation for the acquisition at this stage. Reports putting a specific price on the deal would therefore go beyond the disclosed information.
ShipAfrica Will Keep Its Existing Leadership
Despite the change in ownership, ShipAfrica is not being absorbed into Pigee under a new name.
The startup will retain its existing brand, management and team.
Founder Walter Isoko will remain as CEO.
That structure gives Pigee control of the business while preserving the management team and local knowledge already built around ShipAfrica.
For a company entering a new market, retaining people with direct knowledge of local logistics is important. Nigerian delivery networks involve local carriers, routes, merchants and operating conditions that require market-specific experience.
Pigee Plans to Integrate Its Technology
The next phase will involve bringing Pigee’s technology closer to ShipAfrica’s existing operations.
Pigee’s logistics platform covers areas such as shipping management, customer management, international shipping and tracking.
The companies plan to combine those capabilities with ShipAfrica’s local network.
The goal is to give businesses using ShipAfrica access to a broader set of logistics services while allowing Pigee to use Nigeria as a base for further expansion.
The companies have not disclosed a detailed timetable for every stage of the technology integration.
Cross-Border Commerce Is a Major Part of the Strategy
The acquisition also points to a larger problem facing African businesses.
A Nigerian merchant might find customers outside the country through social media, an online store or other digital channels. Reaching those customers still requires a functioning logistics system.
International shipping involves several steps, including transportation, tracking, customs processes and delivery.
For smaller businesses, managing those processes individually can be difficult.
This creates an opportunity for logistics technology platforms that bring different shipping services together.
ShipAfrica’s existing platform gives Pigee a local starting point for this type of cross-border logistics service.
Nigeria Gives Pigee a Base for Wider Expansion
Pigee’s plan extends beyond acquiring a majority stake in one Nigerian company.
The US company wants to build a broader African logistics network, with Nigeria serving as an important starting point.
ShipAfrica already describes its platform as Pan-African and says its network is designed to help businesses ship within Africa and to international destinations.
The acquisition therefore combines two different strengths.
ShipAfrica brings local market knowledge and an existing African logistics operation. Pigee brings international logistics technology and infrastructure.
The success of the strategy will depend on how well those two sides work together during the 18-month transition.
What Changes for ShipAfrica?
For ShipAfrica, the deal brings a majority owner with international logistics ambitions.
The startup keeps its name and leadership while gaining access to Pigee’s technology and broader infrastructure.
That could give ShipAfrica additional resources for expanding its logistics network and developing international shipping services.
The company is also continuing to build its partner network. ShipAfrica recently advertised for a business development manager focused on logistics partnerships, carrier acquisition, network expansion and new service lanes.
That suggests network development will remain an important part of the company’s next phase.
What the Deal Means for Nigerian Logistics
The acquisition places another international company directly into Nigeria’s logistics technology market.
For Pigee, the deal provides local infrastructure and market access. For ShipAfrica, it provides a majority shareholder with international logistics capabilities.
The transaction also shows the value of established local networks in African logistics.
Building software is one challenge. Building the relationships and physical systems needed to move goods efficiently across different markets is another.
ShipAfrica has spent several years developing that local foundation. Pigee is now seeking to combine it with a broader international system.
The Next 18 Months Will Matter
The acquisition is structured as a gradual transaction rather than an immediate full takeover.
Over the next 18 months, Pigee and ShipAfrica will need to complete the three stages of the deal while continuing to operate the logistics business.
Technology integration, network expansion and customer retention will form important parts of that process.
The companies have also kept ShipAfrica’s existing leadership in place, which means the business will continue to have direct input from the team that built its Nigerian operation.
For Pigee, the longer-term objective is broader than owning a Nigerian startup. The company wants to use the acquisition as part of a wider African logistics strategy.
Why the ShipAfrica Deal Matters
The Pigee and ShipAfrica transaction brings together a US logistics technology company and a Nigerian startup with an established local network.
Pigee gets a controlling 55% stake and a direct operating base in Nigeria.
ShipAfrica gets access to Pigee’s international technology and logistics infrastructure while keeping its existing name and leadership.
The financial value of the transaction is still undisclosed, so the deal’s valuation should not be confused with the growth figures reported by ShipAfrica.
What is clear is the strategic reason behind the transaction. Pigee wants a foothold in African logistics, while ShipAfrica gives the company an existing platform from which to build.
The next 18 months will show how effectively the two businesses combine their technology, networks and market knowledge.
Frequently Asked Questions
1. Who is acquiring ShipAfrica?
US-based logistics technology company Pigee Inc. has agreed to acquire a controlling 55% stake in Nigerian logistics startup ShipAfrica.
2. How much is the Pigee and ShipAfrica deal worth?
The value of the acquisition has not been disclosed. The transaction will be completed in three stages over 18 months through a combination of cash and equity.
3. Will ShipAfrica keep its name after the acquisition?
Yes. ShipAfrica will retain its name, management and team, while founder Walter Isoko will remain CEO. Pigee will become the controlling shareholder after completion of the three-stage transaction.
