Lyve Global, a software-as-a-service platform founded in the UAE, acquired a majority stake in the last-mile delivery and logistics company, Jeebly.
The acquisition is part of Lyve’s plans for the next two years, with more than $150 million in planned investments, the company said in a statement on Tuesday. It did not, however, disclose the financial details of its deal with Jeebly.
Founded in 2016, Lyve enables businesses to digitise their customer journey from orders to payments to end deliveries.
This is an alliance that is set to strengthen our proposition and create unique synergies that will benefit our customers
Raman Pathak,
chief executive and co-founder of Jeebly
The company's acquisition of a majority stake in UAE-based Jeebly marks a “significant step as part of the its new investment strategy”, which is aimed at expanding its offerings and market reach.
“This is an exciting time for us … in less than 12 months, we have concluded four acquisitions,” Lyve’s chief investment officer Nader Museitif said.
“Jeebly has been an exceptional success story and we are happy to be working together on the next stage of the journey. This is one of several investments that will complement our offering and we will be actively looking to acquire companies that add to our spectrum of services.”
Lyve, which has operations in 20 countries, uses cloud-based platforms and services to enable “hundreds of millions of orders” every month on behalf of leading brands across the e-commerce, food and beverage, grocery and healthcare industries.
Its solutions empower businesses across several verticals to manage logistics operations, optimise fleet schedule and tracking, provide analytics and enhance customer acquisition channels. It offers its solutions to hundreds of clients and leading brands from the e-commerce, pharmaceutical, telecoms, grocery, and food and beverage industries.
Companies such as Jeebly and Lyve benefited strongly from a surge in demand for logistics and freight-forwarding services during the Covid-19 pandemic as e-commerce picked up.
With the rapid rise of e-commerce in the region, companies are focused on developing strategies that enhance online trade. Lyve’s solutions allow companies to thrive in the digital landscape by helping them with order generation and management, payments and delivery across 20 markets.
“We are excited to welcome Lyve Global as our growth partner. This is an alliance that is set to strengthen our proposition and create unique synergies that will benefit our customers. Together, we will be more resilient and prepared for future opportunities,” said Raman Pathak, chief executive and co-founder of Jeebly.
Established in 2016, Jeebly has onboarded more than 500 key global and regional clients across several industries.
By leveraging Lyve’s network, the acquisition will help it to accelerate growth in its existing markets while also strengthening its operational capabilities across the Gulf region.
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Top 10 in the F1 drivers' standings
1. Sebastian Vettel, Ferrari 202 points
2. Lewis Hamilton, Mercedes-GP 188
3. Valtteri Bottas, Mercedes-GP 169
4. Daniel Ricciardo, Red Bull Racing 117
5. Kimi Raikkonen, Ferrari 116
6. Max Verstappen, Red Bull Racing 67
7. Sergio Perez, Force India 56
8. Esteban Ocon, Force India 45
9. Carlos Sainz Jr, Toro Rosso 35
10. Nico Hulkenberg, Renault 26
