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Tuesday, 28 December 2021

B2B healthtech platform Aumet acquires Egyptian startup Platform One

Jordanian B2B healthcare marketplace Aumet has acquired 100% of Egypt-based digital pharmacy supplier Platform One, according to a press release. The Jordan-founded, US-based company acquired the Egyptian startup through a share swap worth a USD seven-figure sum, Platform One co-founder Abd Elhady Araby told Enterprise.

Next steps: Platform One customers will gain access to all Aumet services, from its B2B marketplace to its Aumet Pay service, Araby said. Platform One’s Cairo-based team will lead Aumet’s operations in Egypt, according to the press release, while any potential rebranding of the Egyptian company or shake-up of its management is yet to be decided, Araby told us.

About Aumet: Founded in 2015, Aumet’s digital platform connects pharma suppliers with pharmacies across the region. Following its acquisition of Platform One, the company now operates in Egypt, Saudi Arabia, the UAE, and Jordan, with more than 5k active pharmacies on its platform.

Platform One was founded in 2018 and now hosts over 150 suppliers and 600 pharmacies on its marketplace, according to the statement.

WHAT’S NEXT- The announcement comes amid a pick-up in M&A in our local startup scene. Platform One is the latest firm to be snapped up by a regional name, after home services company Filkhedma was acquired in a multi-mn share-swap transaction earlier this month. The recent boom in VC funding means startup-to-startup acquisitions are likely to become more common, local players told us last month. Enterprise expects more M&A from Planet Startup as we enter next year, especially in logistics, last-mile delivery, fintech, healthtech and edtech.

A consortium of local investors have acquired Egyptian audiobook startup Iqraaly for EGP 20 mn from angel fund HIMangel, fund director Khaled Ismail told Al Mal. The fund plans to exit its entire portfolio by 2025, Ismail said. HIMangel currently owns investments worth around EGP 120 mn in 16 companies — double the EGP 60 mn that the fund has invested since it was formed in 2011, he added.

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