Ayen Expands Footprint with Elmawkaa Acquisition
Deal News | Nov 05, 2024 | Aim Group
Saudi Arabia-based proptech company Ayen has acquired Egypt-based construction technology company Elmawkaa for a sum believed to be in the seven figures (SAR), although the exact amount has not been disclosed. Ayen, recognized for its extensive range of products designed to collect and analyze property-related data, is expanding its influence within the proptech sector through this acquisition. Elmawkaa, known for its advanced construction technology solutions, will complement Ayen's current offerings and enhance its market position in the Middle Eastern region.
Sectors
- Proptech
- Construction Technology
Geography
- Saudi Arabia – Ayen is based in Saudi Arabia, making it a central geography for this transaction.
- Egypt – Elmawkaa is an Egypt-based company, indicating the transaction's regional cross-border nature.
Industry
- Proptech – Ayen operates in the Proptech industry, developing technology that transforms the way people engage with properties.
- Construction Technology – Elmawkaa's focus on providing advanced technological solutions in the construction sector positions it within the Construction Technology industry.
Financials
- Seven figures SAR – The acquisition cost of Elmawkaa by Ayen is an undisclosed sum estimated in the seven-figure range in Saudi Riyals.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Ayen | Buyer | Company | A Saudi Arabia-based proptech company engaged in property technology solutions. |
| Elmawkaa | Target | Company | An Egypt-based company specializing in construction technology solutions. |