PTS Investments Holdings partially acquires Egypt’s EDAM
- US-based PTS Investments Holdings has partially acquired Egypt-based healthtech EDAM through its operating company in Egypt. The value of the deal remains unknown.
- The acquisition comes as part of a larger effort by PTS Holding to double down on investments in its digital effort targeting the Egyptian market.
- Established in 2019, EDAM works as a location-as-a-service (LaaS) startup, connecting its users to medical institutions and healthcare providers in their vicinity. The startup also lets users pay for the medical services provided by its partners in instalments.
- The investment will help EDAM accelerate the development of its platform and grow its user base to 2.5 million subscribers by the end of 2023.
PTS Investments Holdings inc. announced today that it has finalized its acquisition of EDAM Healthcare Services S.A.E in an undisclosed six figures deal through its operating company in Egypt, by this acquisition the holdings aim to have direct investment into the Egyptian and MEA region mainly in the technology and applied engineering, as well as the sectors of health, education, transportation, logistics, and energy by collaborating with local and global partnerships and alliances and providing integrated solutions and services to enrich and enhance digital community awareness in MEA region and ensure a direct value add within the investment value chain.
Dr. Ehab Kamel, Chairman of EDAM S.A.E, highlighted that PTS direct investments will accelerate the company's future growth plans, whereas we aim to reach 2.5 million subscribers by the end of 2023, and also will mainly support the development of EDAM digital platform for health care in cooperation with Kemtix Technologies. The technological arm of PTS holdings Group, which is expected to be launched in the first half of the next year, aims to facilitate medical services access to a larger number of beneficiaries and support the country’s efforts in the digital transformation era in line with the goals of sustainable development and Egypt Vision 2030.
EDAM was established in February 2019, to provide distinguished health services at prices that suit everyone. Whereas EDAM allows its members to benefit from its medical network which includes more than 3,000 medical service providers from health care cadres in Egypt, at very competitive prices.
From her side, Eng. Maha Mandour, Group managing director for PTS holdings, affirmed her belief in the importance of investing in the healthcare sector in Egypt, which is a major pillar of the Egyptian economy and society, whereas Egypt is the largest Arab country in terms of population, with nearly 100 million Egyptians living within its borders; adding 10 million others abroad. With an annual population growth rate of more than 2%, it is expected that the population will reach more than 130 million by 2030, and 175 million by 2050, which will lead to an increase in the demand for care. Meanwhile, only 8 percent of the population is over the age of 60 (about 7.7 million), but this age group is expected to increase to 18 million by 2030 and to reach 13.8 percent of the population (about 24 million) by 2050 With the need for health care services increasing steadily, this requires serious participation from the private sector in solidarity with the state's efforts to develop this sector.