Tuesday, February 7, 2023

Nigeria’s Helium Health Acquire’s Qatar’s Thriving tech startup Meddy

QATAR- Helium Health, a Nigerian health tech startup, acquires Meddy, a Qatari doctor booking portal, for an unknown sum. Without a doubt, this is a unique arrangement since it brought together two continents with an unusual deal in technology. Nevertheless, both teams are currently delighted over the doors of opportunity that will open as a result of the agreement.

Haris Aghadi, Meddy’s CEO, notes that this deal will alleviate a significant issue facing the healthcare sector in the region. And that is interoperability and movement of data across various EMRS and various individual platforms. 

Undeniably, the latter is exactly what today’s patients are looking for: a one-stop shop that offers electronic medical records and management information systems, revenue cycle management, unified analytics, and telemedicine services. And this is what the acquisition aims to provide.

“Interoperability is a very big challenge in the region, and having this one-stop place like ours solves that,” Aghadi says to TheCrunch. 

As part of Helium’s implementation of its GCC strategy and operations, Meddy’s CEO Haris Aghadi and COO Abed Alkarim Khattab will take on leadership roles in the company.

A glimpse of Meddy

Haris Aghadi and Abed Alkarim Khattab jointly launched Meddy in 2015. Meddy is an online doctor-finding tool that aids people in interacting with the best medical providers for their health needs. The platform may address issues like illnesses, sports-related injuries, or just seeking help with mental wellbeing.

Team Meddy, Qatar - QatarsTalk
 Meddy team. Source: CMU, Qatar

Overall, Meddy has relished great success and won numerous awards and recognitions over the last few years. In 2017, the Forbes Middle-East, ‘50 startups to watch in the Arab world’ ranked it at the 10th position. Additionally, the startup received the 2016 Startup of The Year award at the Qatar startups Agility Awards. Also, it secured the prize of ICT Exporter of The Year at the 2018 Qatar IT Business Awards.

After establishing deep roots in Qatar, Meddyy then steadily expanded into the rest of the Middle East.

Given the above accomplishments, it is not hard to understand why global tech companies are showing interest in Meddy. Undoubtedly, the startup’s unrivalled services drew immense attention. 

Until now, Meddy has serviced over 150 private clients in the UAE and Qatar, facilitating over 200,000 medical consultations and generating over $130 million in billings for healthcare professionals.

Truly, this is an incredible accomplishment for a firm with only $1.8 million in venture capital backing.

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What led to the acquisition?

Basically, the acquisition is a win-win situation for both Helium Health and Meddy. Both Africa and GCC had shortcomings that the deal could overcome. And both the companies saw opportunities in it. Here are a few main points that urged the acquisition.

Lack of interoperability in GCC

As mentioned previously, tech companies in the GCC region lack interoperability. That is, even thorough individual health platforms offer excellent services, their services can not be merged. However, this acquisition will now provide consumers with a whole suite of services. The suite will consist of doctor-finding, billing, collateral-free loans, data analytics, and many other services.

“You don’t have a lot of people who can provide a suite like ours in the GCC. If they do, they’re doing it at a price point that’s so high that they’ve already priced out the market in that sense,” declares Olubisi, the founder of Helium Health.

“But we can provide a full suite where you can do your appointments booking, marketing solution, EMR, hospital management information system, and have everything in a one-stop-shop. It saves you a lot of stress in the process from trying to consolidate many different systems.”

Even though Helium Health offers a full set of services, it lacks telemedicine and doctor booking services. Hence, Meddy’s acquisition will equip it with these services. 

Expansion of tech industry in Qatar

Between 2023 to 2030, investment in digital infrastructure will account for 30% of healthcare investment in GCC. Hence, Qatar and the whole GCC region show great potential for tech investment. For this reason, companies like Helium Health are indulging in early investments and expansions, which will hopefully pay off significantly in the future.

Qatari tech startups’ international growth

Meddy is a celebrated name in Qatar. Its excellent services, unique service delivery methods, and excellent customer handling have gained worldwide attention. Yet, this acquisition will further magnify Qatar’s talent and potential. The latter will not only encourage investment by giant firms but will also open new doors for Qatari tech entrepreneurs in terms of funding and finance.

In brief, both Aghadi and Olubisi voiced their pleasure at the transaction, describing it as a “great deal.”

In conclusion, Helium Health’s acquisition of Meddy will be beneficial to both sides. While it seeks to make helium Health a full-fledged medical service provider, it also demonstrates to the world the tremendous potential Qatari startups possess. Indeed, through these kinds of collaborations, Qatari youth aspiring to step into the tech world will be incredibly motivated.

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To report any issue or error in the story, please email us editor [at] qatarstalk [dot] com.

Read more.
Team QT
Team QThttp://www.qatarstalk.com
Staff writer at QatarsTalk.com

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