Gulf Capital, an alternative asset management company, acquired a controlling stake in healthcare sector-focused technology firm, Accumed Practice Management. With about Dh15 billion in assets under management, the company is building its portfolio of investments across the region.
The transaction is Gulf Capital’s fourth acquisition in the technology sector, it said in a statement yesterday, without specifying the size of the stake or the financial details of the deal. Accumed, post-acquisition, will retain the current management and expand the team further to strengthen its operations, it said.
“This strategic investment in Accumed is an exciting one for Gulf Capital, as it offers our investors exposure to the fast-growing healthcare industry in the GCC, but without the capital intensity or regulatory risks usually associated with investments in the industry,” said Karim El Solh, the chief executive of Gulf Capital.
“We look forward to funding and supporting the growth of the company, so it can continue to deliver enhanced operational and financial performance improvements to healthcare providers in the GCC.”
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Investment houses and private equity companies are increasingly looking to invest in the region's healthcare sector and associated businesses as the health services infrastructure expands. Technology companies servicing banking, finance and healthcare sectors have also been on investors' radar as demand for digitisation grows rapidly.
Gulf Capital has invested more than Dh500 million to date in the regional technology sector. It focuses primarily on late-stage control buyouts, growth capital, real estate development and private debt business across 10 funds and investment vehicles.
Accumed offers proprietary technology and processes to help public and private healthcare providers in the UAE, Saudi Arabia and Kuwait to improve medical documentation, billing cycles, optimise revenues and accelerate collections.
The firm is among the top operators, in the Middle East, and has so far managed more than nine million medical claims worth over Dh4.1bn. The scope of services also includes business process outsourcing, technology solutions and covering all medical insurance billing needs for hospitals, clinics, diagnostic centres and other healthcare providers.
Gulf Capital stands to benefit from the growth in the healthcare sector in the Middle East, as penetration of health insurance widens across the region and regulations governing the sector mature.
Ernst & Young was the financial and tax adviser on the Accumed deal while Alvarez and Marsal and Eversheds Sutherland acted as the commercial and legal advisers respectively.
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
What is graphene?
Graphene is a single layer of carbon atoms arranged like honeycomb.
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were "playing about" with sticky tape and graphite - the material used as "lead" in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But as they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment had led to graphene being isolated for the very first time.
At the time, many believed it was impossible for such thin crystalline materials to be stable. But examined under a microscope, the material remained stable, and when tested was found to have incredible properties.
It is many times times stronger than steel, yet incredibly lightweight and flexible. It is electrically and thermally conductive but also transparent. The world's first 2D material, it is one million times thinner than the diameter of a single human hair.
But the 'sticky tape' method would not work on an industrial scale. Since then, scientists have been working on manufacturing graphene, to make use of its incredible properties.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. Their discovery meant physicists could study a new class of two-dimensional materials with unique properties.
How the UAE gratuity payment is calculated now
Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.
The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.
1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):
a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33
b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.
2. For those who have worked more than five years
c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.
Note: The maximum figure cannot exceed two years total salary figure.
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SPECS
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The specs
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