Speed Medical to acquire 25% stake in software company + get in on consumer lending
Speed Medical is planning to snap up a 25% stake in DG Well, a software company that owns the CareSquare healthcare app, the company said in a disclosure to the EGX (pdf) yesterday. The two sides have signed an MoU for the transaction, which would value the stake at EGP 22.5 mn, Speed said.
The company is also looking to get into the consumer finance game: Speed Medical will set up a consumer lending arm dubbed Speed Finance that will provide finance for medical and pharma services, the company said. Services provided by CareSquare, which acts as an online directory of medical professionals, will be combined with Speed Finance’s services should the acquisition go ahead, the company said. Speed Medical will own 50% of the company, which will launch with EGP 25 mn in capital. Sources told Al Mal that 40% will be offered to investors and 10% will be owned by DG Well.