Nigeria-based technology firm and healthcare services provider, Helium Health, has completed the acquisition of Meddy Inc., a Qatari doctor booking platform with active operations in Qatar and the UAE.
Founded by Adegoke Olubuisi, Tito Ovia and Dimeji Sofowora in 2016, Helium Health has grown into a leading healthcare technology services provider in Africa.
According to the firm, the acquisition aligns with its strategy to expand in Africa. The strategy involves scaling operations in Nigeria, Ghana, Liberia, Senegal, Kenya and Uganda, with a core focus to move into broader emerging markets.
Led by Chrysalis Capital, the transaction will see Helium deploy its electronic medical records technology and healthcare financial solutions across the Gulf Cooperation Council (GCC) healthcare market.
The value unlocked through the acquisition will create direct and indirect benefits for regional stakeholders, as they will be positioned to gain from Helium’s robust and interconnected suite of digital health products.
The management noted that the Meddy Inc. deal is a strategic investment into the huge potential of the Gulf economy, as healthcare in the GCC continues to grow rapidly.
It noted that the GCC healthcare market is more mature than Africa’s and has a higher technology penetration.
As a result of the mature state of technology present in the region, investment in digital infrastructure will account for 30 percent of regional healthcare investment between 2023 and 2030.
Adegoke Olubisi, co-founder and CEO of Helium Health, said Meddy is an ideal complement to its business model. Although Helium Health’s business model has always been about robust organic growth, he said, the acquisition shows how open the health tech firm is to strategic acquisition opportunities in its operating environment.
“We will be leading the healthtech revolution in MEA (ed. Middle East and Africa),” Olubusi said. “In Qatar, UAE and KSA, a great market opportunity exists to work with care providers to improve patient interaction, make healthcare data more interoperable, and improve revenue cycle management.”
Meddy CEO Haris Aghadi said Helium’s takeover is the perfect next chapter for the company, as the decision will enhance its mission to help patients make informed health decisions.
“The acquisition is in line with our commitments of providing technology to all the stakeholders across the value chain, and joining forces with Helium Health gets us there faster,” he said.
Since Helium Health was founded five years ago, it has grown rapidly across Africa, solving issues on the continent such as fragmented markets, paper-based systems and unreliable data.
So far, it has signed more than 500 healthcare facilities and 7,000 medical professionals, and facilitates more than 300,000 visits by patients per month.
In May 2020, the firm closed a $10-million Series-A funding round with the participation of leading venture capital firms across the globe. To date, Helium has raised over $12 million in funding from leading international investors and partners.