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Local real estate appraisal platform Ayen acquired Egyptian construction tech startup Elmawkaa in a SAR seven-figure transaction that will see Ayen integrate Elmawkaa’s construction materials marketplace into its property evaluation platform, according to a press release (pdf).
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The terms: The transaction will see Ayen fully acquire Elmawkaa through a share swap, with the founders and existing investors making a 100% exit from the company, Elmawkaa CEO Ebrahem Anwar told EnterpriseAM Egypt. Anwar and his fellow cofounders Mohamed Thabet and Mahmoud Habib will hold C-suite positions within Ayen as part of the agreement.
The rationale: The acquisition will allow Ayen to integrate Elmawkaa’s materials marketplace into its existing, fee-based property valuation service, part of which involves suggesting potential renovations that could add value to users’ property, Anwar told EnterpriseAM Egypt, explaining that the move will allow Ayen to direct clients to their own in-house marketplace, offering a more integrated experience — alongside contributing to the firm’s expansion in Egypt.
What’s next for Ayen? Post-acquisition, the company plans to kick off an expansion drive in the Egyptian, Saudi, and Emirati markets, with the company looking to Elmawkaa to deepen its presence in Egypt. The company is also set to open a new pre-IPO investment round focused on real estate ins. and project financing, as the company gears up for expansion into new GCC markets, AlMohsen said.
