ⓘ Featured image: Saif AlJaibeji, Co-founder and Chairman of Sehteq
UAE-based healthtech startup Sehteq, on Thursday, announced that the company is set to acquire its compatriot Dawa Express for $3 million. The acquisition is projected to close in the first quarter of 2021 – making Dawa Express a fully-owned subsidiary of Sehteq.
Founded in 2016 in Dubai, Dawa Express is a technology and services solution provider to health insurance companies and healthcare providers in the UAE.
Sehteq was founded in late 2017 as a technology-driven health insurance startup, in partnership with Department of Economic Development, Government of Ras Al Khaimah and Ras Al Khaimah Economic Zones – RAKEZ. In August, Sehteq raised $20 million funding from 971 Capital.
Speaking of the projected development, Inshar K.M., COO of Dawa Express, in a statement said,
“We have successfully delivered many projects for Sehteq over the past 6 months leveraging our innovative technologies and service hubs in Lebanon, India, and UAE. I worked closely with Sehteq while I was the deputy head of medical operations at Dar Al Takaful Insurance in UAE, and I found a synergy between Dawa and Sehteq from day one.”
Jas Sing, CTO of Sehteq, said,
“This is an important moment for Sehteq as we continue to strengthen our technology platform to be a step closer to the Oscar Health of the Middle East. Dawa’s Artificial Intelligence and Machine Learning powered solutions will accelerate the launch of our first in the region build-your-own-insurance offering to SME, and enhance the service levels of our growing consumer base in the UAE.”
Saif AlJaibeji, Co-founder and Chairman of Sehteq, said,
“I worked with Dawa’s team 6 years ago on a number of projects in the region. Joining forces with Dawa will help us accelerate Sehteq’s vision to reimagine health insurance in the Middle East. This acquisition is aligned with our investment’s mandate to grow our technology platform and support startups, and will be the first of many similar partnerships with young entrepreneurs.”