Alerzo, a Nigerian retail-tech startup has acquired fintech company Shago Payments to boost growth. The acquisition of Shago payments will enable the integration of Shago into the company’s payments arm, AlerzoPay.
The new development will provide the informal retail stores access to new digital services such as mobile airtime top-up, bill payments and peer-to-peer transfers.
Founded in 2019, the Ibadan-based retail-tech startup, Alerzo, is an all-in-one technology and services platform that transforms how Nigeria’s informal retail stores operate. Retailers can order stock, have it delivered quickly, receive and make cashless payments, and track store profitability. Alerzo currently works with more than 150,000 informal retail stores.
The startup announced a US$10.5 million Series A round, led by London-based Nosara Capital, in August, and since then has more than doubled its revenues and built a payments business. The latter was facilitated by the recent acquisition of Shago Payments, a fintech startup founded by payments industry veteran Sabastine Enechi.
Alerzo has also expanded its operations to the Middle Belt and Northern regions of Nigeria and now operates in Abuja and Kano. The company plans to serve most of Nigeria before the end of next year.
Alerzo Founded by Adewale Opaleye, said he created the company to meet a core need that his mother, a businesswoman, had at the time.
“I started Alerzo to help my mom, a single mother who ran two informal retail stores to support me and my three siblings. Before Alerzo, she had to close her shop and travel for hours to buy the inventory to stay in business.
“Women are often victims of theft because street boys know retail store operators often carry cash. I wanted to apply what I learned in China to make life better for working mothers in Nigeria.” He said.
Today, Alezo one of the fastest-growing startups in Nigeria, announced that its annualized September transaction volume had grown more than five times since the beginning of 2021, exceeding $155 million.
Commenting on the acquisition, Iyinoluwa Aboyeji, the co-founder of Flutterwave and Andela and a member of Alerzo’s advisory board, said that the firm’s decision to serve communities “that are truly excluded” was inspiring: “Alerzo’s focus on excluded but commercially viable commerce communities in smaller cities like Ibadan is exemplary and visionary.”
He also said most businesses “talk a good game” about financial and economic inclusion but then proceed to focus their businesses on commercially savvy megacities like Lagos or Nairobi.
Flour Mills of Nigeria Acquires First Bank of Nigeria Limited’s 5.06 Percent Stake in Honeywell Flour Mills
Flour Mills of Nigeria Plc, Nigeria’s leading flour mill company, has acquired First Bank of Nigeria Limited’s 5.06 percent stake in Honeywell Flour Mills Plc.
The company disclosed in a statement signed by Umolu, Joseph A.O., Company Secretary/Director, Legal Services.
The acquisition was in addition to the 71.6 percent stake of Honeywell Flour Mills Plc (HFMP) FMN acquired on the same day. Therefore, Flour Mills of Nigeria Plc will now hold 76.75 percent equity interest in HFMP.
According to the company, the move will help build a resilient flour mills company that will ensure job continuity, deepen productivity and support national growth.
Commenting on the transaction, Omoboyede Olusanya, Group Managing Director of FMN, said “The proposed transaction is part of our global growth strategy, which is aligned with our vision to not only be an industry leader, but also a national champion for Nigeria in the Food and Agro-allied industries.”
“Given FMN’s parallel negotiations for both stakes culminating in the agreements being signed on the same date, the basis for arriving at key commercial terms including final equity price per share, will be the same. The price payable to FirstBank will be the same with Honeywell Group Limited.”F
Flour Mills of Nigeria Plc, Honeywell Group Limited Sign Merger Agreement
Flour Mills of Nigeria and Honeywell Group Limited on Monday announced that the two leading flour mills companies in Nigeria have signed an agreement to merge in order to create a more resilient company, ensure long-term job creation and preservation.
The proposed merger valued at N80 billion will necessitate Honeywell Group Limited relinquishing its 71.69 percent stake in Honeywell Flour Mills Plc (HFMP) to Flour Mills Nigeria Plc (FMN).
According to the statement released by FMN, the proposed merger will combine two businesses with shared goals and create a more resilient national champion in the Nigerian foods industry, ensuring long-term job creation and preservation.
A combination of FMN and HFMP will bring together two trusted and iconic brands, creating a food business that is better positioned to benefit the growing Nigerian population and leverage opportunities stemming from the African Continental Free Trade Area (“AfCFTA”).
Commenting on the transaction, Honeywell Group Limited Managing Director, Obafemi Otudeko said: “Today’s announcement is in line with the evolution of Honeywell Group and our vision of creating value that transcends generations. For over two decades, we have supported Honeywell Flour Mills to build a strong business with a production capacity of 835,000 metric tonnes of food per annum. Following the transaction, Honeywell Group will be strongly positioned to consolidate and expand its investment activities, including as a partner of choice for investors in key growth sectors.”
Omoboyede Olusanya, Group Managing Director of Flour Mills of Nigeria, said: “The proposed transaction is aligned with our vision not only to be an industry leader but a national champion for Nigeria.
“We believe that this will create an opportunity to combine the unique talents of two robust businesses. As a result, we will have a better-rounded and more comprehensive skill set available to us as a combined diversified food business, thus enabling us to better serve our consumers, customers and other stakeholders, whilst providing employees with access to broader opportunities.”
Africa’s Leading HealthTech, Helium Health Acquires GCC-based Doctor Booking Platform, Meddy Inc
Helium Health, the leading healthcare technology provider in Africa, is delighted to announce it has completed the acquisition of Meddy Inc., the GCC- based doctor booking platform, which has operations in Qatar and the U.A.E.
Helium is building the digital infrastructure to power world-class healthcare services, across Africa and the Middle East. The transaction is in line with Helium’s strategy to expand in Africa first – where the company is present in Nigeria, Ghana, Liberia, Senegal, Kenya, and Uganda and then move into wider emerging markets.
Healthcare in the GCC is set to grow rapidly. Investment in digital infrastructure will account for 30 percent of healthcare investment in the region between 2023 to 2030.
Meddy’s platform and outstanding management team complement Helium’s business model and ideally positions Helium to service the GCC healthcare market. Meddy’s Chief Executive Officer – Haris Aghadi, and Chief Operating Officer – Abed Alkarim Khattab, will join Helium’s leadership team and play integral roles in Helium’s execution of its GCC strategy and operations.
The transaction will see Helium deploy its Electronic Medical Records (EMR) technology and healthcare financial solutions across the GCC healthcare market. Whilst the GCC’s healthcare market is more mature than Africa’s and has a higher technology penetration, the technology present in the region is more siloed. All regional stakeholders will benefit from Helium’s robust and interconnected suite of Digital Health products.
These products include healthcare provider management (via Helium EMR), patient-provider and revenue cycle management platforms (via HeliumDoc), and data analytics services.
Adegoke Olubusi, Chief Executive Officer of Helium Health, said: “We are delighted to complete this transaction which is perfect for Helium Health. Our business model has primarily been robust organic growth, but we always remain open to strategic acquisition opportunities. Meddy is an ideal complement to our existing business model; the right company, in the right location, at the right time.
“We will be leading the HealthTech revolution in MEA. In Qatar, UAE and KSA, a great market opportunity exists to work with care providers to improve patient interaction, make healthcare data more interoperable, and to improve revenue cycle management. I am excited to welcome Haris and his team to the Helium Health family and look forward to many years of fruitful collaboration.”
Haris Aghadi, Chief Executive Officer of Meddy Inc., commented:
“Joining Helium is a perfect next chapter for Meddy as it enhances our mission to help patients make informed health decisions. Our goal has always been to provide technology to all the stakeholders across the value chain and joining forces gets us there faster.
“There is a strong synergy between our products, teams and markets. Combining Meddy’s marketing solutions with Helium’s clinical solutions will add tremendous value to our customers and transform healthcare in the Middle East and Africa.”
Founded in 2016, Helium uses proprietary technology and data to empower healthcare providers to make better decisions, operate more efficiently, and improve patient outcomes. Wider healthcare stakeholders also benefit from Helium’s data-driven insights, leading to optimum resource allocation and oversight.
Helium has grown rapidly to date in Africa, solving the continent’s problems of fragmented markets, paper-based systems and unreliable data. It has signed 500+ healthcare facilities, 7,000+ medical professionals and facilitates 300,000+ patient visits each month. Helium’s customers also include the most reputable private & public healthcare institutions in West Africa.
Helium is led by a brilliant and talented management team with many years of combined experience in technology and healthcare. Chief Executive Officer and co-founder, Goke Olubusi, formerly of Goldman Sachs, is one of Africa’s most innovative entrepreneurs and has received multiple awards from the likes of Chevron, Northrop Grumman, Maryland State, Lockheed Martin and others.
Helium’s co-founders include Dimeji Sofowora – Chief Financial Officer, and formerly of Goldman Sachs, and Tito Ovia – Head of Public Sector Growth, who has assisted organizations such as Orbis and Lagos State AIDS Control Agency to help people access better quality healthcare.
The transaction is not subject to any further regulatory clearances.
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