https://arab.news/8tn27
- Singapore-based data intelligence specialist acquires minority stake in a deal that values the company at more than $25 million
DUBAI: Singapore-based data intelligence company Near has acquired a minority stake in Middle Eastern SaaS provider of data-driven marketing solutions MEmob+ in a deal that values the company at $25 million.
MEmob+ is a part of Akama Holding, the Dubai-based family office with investments in media, tech and content. It was launched in 2019 by Alexandre Hawari, CEO of Akama Holding and Ihab El-Yaman, the then-head of mobile and performance director of Mediaquest, and current CEO of MEmob+.
The MarTech company has exclusive partnerships with global and regional first party data holders, giving it access to billions of device IDs globally, including more than 400 million in the MENA region. MEmob+ supports brands’ data-driven media activities, location measurement and footfall attribution, research and analysis with a roster of more than 50 major international and regional clients.
“Near, a global giant in the data intelligence market, and MEmob+, a regional leader, were destined to find a common ground and a shared ambition,” said Hawari.
“Our technical collaboration has now evolved into a financial one. Together, we will capitalize on the attractive growth dynamics in the emerging markets in MEA to further build out MEmob’s leadership position and create the leading global location data intelligence platform,” he added.
In 2020, its second year in operation, MEmob’s turnover grew by 76 percent. Led by El-Yaman, the team behind this growth will continue to build on its track record of performance and innovation.
Near is the global leader in privacy-led data intelligence. The company provides the world’s largest source of intelligence on people, places, and products — processing data from over 1.6 billion monthly users in 44 countries. Founded in 2012, Near is headquartered in Singapore with offices in Los Angeles, New York, London, Paris, Bangalore, Tokyo and Sydney.
This is Near’s first equity stake in the Middle East. It is the result of a year of research and negotiations to find the best partner to support its expansion in the Middle East and Africa. The cash-in transaction will see the funds injected into the business to accelerate its growth and development even further by increasing its customer base, backing product extension and supporting geographical expansion.
“Our investment in MEmob+ is at the intersection of our core values at Near: Innovation and scale,” said Anil Mathews, CEO of Near, who will join MEmob’s board of directors.
“We’ve watched them grow, in size and sophistication, and realized the opportunities that would come from a closer collaboration. We focus on partners with high growth and world-class management and are impressed by the leading position MEmob+ has built,” he added.