Dealmaking in the Middle East during the week was marked by key mergers and acquisitions. The UAE-based online streaming platform OSN+ merged with music streaming app Anghami to create one of the biggest content streaming platforms in the region.
Also, the UAE’s tech-based healthcare services provider PureHealth acquired tech company PureCS ahead of its initial public offering next month. Meanwhile, venture building platform Modus Capital announced its investment in eight startups as part of its venture building platform.
Modus Capital
Modus Capital committed $2.8 million across eight startups as part of its venture builder programme called Ventures Lab. These startups are JamaliBox , MDBX, Monet, Oscar, Seva, Sindbad, Stornest, and Your Social Smile.
The investment is part of its $50 million Venture Builder Fund, which has programmes across Abu Dhabi, Riyadh, and Cairo.
The nine-month programme offers operational, institutional, and financial capital. It also provides mentorship and access to networking opportunities. It plans to support another six to eight startups in 2024. Modus Capital last year acquired Saudi Arabia-based startup venture builder Agile Ventures.
OSN+ and Anghami
Online streaming platform OSN+ and NASDAQ-listed music streaming app Anghami Inc. decided to merge to create the region’s largest entertainment streaming services amid competition from global players such as Netflix and Spotify. The merger involves cash investment of up to $50 million by Dubai-based OSN Group in Anghami.
The combined business will generate $100 million in revenue and bring in more than 120 million registered users and 2.5 million paying subscribers on a single platform.
Abu Dhabi-headquartered Anghami was founded in 2011 by Eddy Maroun and Elie Habib. It has emerged as one of the largest music streaming platforms in the region. Habib is set to be the CEO of the combined business.
In August, Anghami had raised $5 million from Saudi venture capital firm SRMG Ventures.
PureHealth and PureCS
PureHealth acquired Dubai-based cloud and technology services provider PureCS for an undisclosed amount. The deal comes a month ahead of PureHealth’s listing on the Abu Dhabi Securities Exchange.
The UAE-based PureHealth has a network of more than 25 hospitals, 160 laboratories, 100 clinics and a workforce of more than 24,000 employees.
Founded in 2006, PureHealth had in August acquired Circle Health Group for $1.2 billion. In May, it acquired a minority stake in US-based healthcare company Ardent Health Service for $490.2 million.
PureCS, backed by Alpha Dhabi Holding and International Holding Company, has a team of over 95 data, artificial intelligence (AI), and machine learning (ML) experts, upwards of 200 digital solutions professionals, more than 250 infrastructure and cybersecurity personnel.
The acquisition will allow PureHealth to accelerate the digital transformation across its widespread network of hospitals, clinics, diagnostic laboratories, and pharmacies.
