Multiply Group, an Abu Dhabi-based technology-focused investment holding company, has bought a stake in LVL Technology Holding.
MG Wellness Holding, a unit of Multiply, has acquired a 49.38 per cent interest in LVL Technology, the company said in a statement on Friday to the Abu Dhabi Securities Exchange, where its shares are traded.
It did not provide the total value of the deal.
“The investment will support .... expansion across the region," Multiply said.
The deal will help Multiply's HealthierU's (an online marketplace that uses telemedicine to connect users with licensed consultants) integration under LVL Wellbeing’s platform "combining forces to offer the most comprehensive preventive health and well-being services to members and clients,” it added.
Dubai start-up LVL Wellbeing is a corporate well-being platform that provides individual, team and corporate well-being practices.
This month, it raised $10 million in series A funding round led by MG Wellness to expand its operations in the GCC.
Digital wellness providers have grown in popularity as clients seek options that provide easy-access specialities.
Revenue in the digital fitness and well-being market is projected to hit $146.8 billion in 2027, from an estimated $96.94 billion in 2023, at a compound annual growth rate of nearly 11 per cent, data from Statista shows.
Multiply, a subsidiary of Abu Dhabi's International Holding Company, continues to expand its portfolio.
It has been investing across its two units: Multiply and Multiply+.
Multiply operates and invests in business lines, including mobility, energy and utilities, media and communications, and beauty and wellness.
Multiply+, its investment arm, is seeking double-digit returns across several asset classes.
Multiply's investments include stakes in businesses such as Emirates Driving Company, Viola Communications, Abu Dhabi National Energy Company, better known as Taqa, the Dubai Electricity and Water Authority, Borouge, and Getty Images.
Last month, it also bought a minority stake in Breakwater Energy for Dh367 million.
Multiply posted a 267 per cent rise in its annual net profit for the second quarter of this year, driven by the strong performance of its subsidiaries.
The net profit attributable to shareholders for the three-month period stood at Dh362 million ($98.5 million).
The group remains “well on track” to double its net profit this year from companies where it has a controlling stake, its chief executive Samia Bouazza told The National last month.
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Fighter profiles
Gabrieli Pessanha (Brazil)
Reigning Abu Dhabi World Pro champion in the 95kg division, virtually unbeatable in her weight class. Known for her pressure game but also dangerous with her back on the mat.
Nathiely de Jesus, 23, (Brazil)
Two-time World Pro champion renowned for her aggressive game. She is tall and most feared by her opponents for both her triangles and arm-bar attacks.
Thamara Ferreira, 24, (Brazil)
Since her brown belt days, Ferreira has been dominating the 70kg, in both the World Pro and the Grand Slams. With a very aggressive game.
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One of the biggest talents coming out of Europe in recent times. She is known for a highly technical game and bringing her A game to the table as always.
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Another young gun ready to explode in the big leagues. The Californian resident is a powerhouse in the -95kg division. Her duels with Pessanha have been highlights in the Grand Slams.
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Already a two-time Grand Slam champion in the current season. Gramenius won golds in the 70kg, in both in Moscow and Tokyo, to earn a spot in the inaugural Queen of Mats.
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Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
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David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
