Abu Dhabi’s Multiply Group buys stake in LVL Technology

The company continues to expand its portfolio to boost growth

Abu Dhabi-listed Multiply Group aims to make more acquisitions this year. Photo: Multiply Group
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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.

Updated: August 12, 2023, 7:22 AM