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Labayh, the Saudi mental health company that owns the Labeeh app, has announced its full acquisition of the Abu Dhabi-based Nafas app for mental health.
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A Healthcare startup in KSA, Labayh, has acquired Abu Dhabi-based meditation app Nafas. Labayh says that the acquisition deal comes within its strategy based on creating a unique experience for the customer, in order to contribute to enhancing the position of psychological well-being in the Arab world, at the same time, this deal maintains the diversification of the business portfolio and the services provided by it.
After a record year of exits in 2022 the M&A frenzy is continuing into this year. The Emerging Venture Markets recorded 146 exits last year with the MENA region accounting for almost 50% of the total number. UAE led the M&A activity with KSA and Egypt bringing up the rear. A number of cross-market acquisitions were seen with international players marking their entry into the region. At the beginning of this year, we predicted that consolidation and acquisitions are most likely to be the rite of passage for a number of startups given the challenges of raising funds in an environment of higher interest rates, a subdued IPO market globally, and more urgent cash conservation imperatives. The healthcare industry in MENA has seen a consistent number of exits being recorded since 2020 with 2021 reporting the highest number of acquisitions for the sector.
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