- Transaction implies an initial pro-forma enterprise valuation of approximately $220 million and is expected to close in Q2 2021
- Abu Dhabi-based Anghami is backed by leading MENA VC firms and strategic shareholders, including media groups and telecommunications companies, including Mobily Ventures, that collectively own approximately 68% of Anghami, with the balance owned by the founders
- Anghami is a high growth digital media entertainment technology company, collecting over 56 million data points on its users daily. Anghami uses AL and ML to improve recommendations, reduce churn, drive engagement and predict user behavior
- Founded in 2012, Anghami is the first music-streaming platform in the MENA and has since built a market-leading platform, offering more than 57 million songs to more than 70 million registered users with around 1 billion streams per month
- Anghami has grown revenues 80% over the last three years and is expected to increase five-fold over the next three years. The Company expects to have approximately $142 million of cash on its balance sheet at closing to be used primarily to fuel additional growth
RIYADH -Anghami Inc. (“Anghami” or the “Company”), the leading music streaming platform and service in the Middle East and North Africa (MENA) and Vistas Media Acquisition Company Inc. (NASDAQ: VMAC), a publicly-traded special purpose acquisition (SPA) company, announced that they have entered into a definitive merger agreement that will result in Anghami becoming the first Arab technology company to list on NASDAQ. The transaction implies a pro-forma enterprise value of $220 million. The combined company will operate under the Anghami name and will trade under the new symbol “ANGH.” The transaction is expected to close in Q2 of 2021.
Founded in 2012, by Eddy Maroun and Elie Habib, Anghami is the first music-streaming platform in the MENA region. Anghami has built a market-leading platform, offering more than 57 million songs to more than 70 million registered users with around 1 billion streams per month. With an Arabic speaking population of over 450 million globally, a listing on NASDAQ allows Anghami to scale its user base and invest in technology to build on its data play.
The Company has long-standing partnerships with all major global labels including Universal Music Group, Sony Music and Warner Music Group. Anghami is a music app and platform that offers listeners in the MENA region unlimited Arabic and international music to stream and download. Anghami has licensing agreements with thousands of independent labels and distributors to provide users with legal access to a vast catalog of music.
The Company is headquartered in Abu Dhabi, at the Abu Dhabi Global Market (“ADGM”), and has offices in Beirut, Dubai, Cairo and Riyadh.
Anghami is currently backed by leading MENA VC firms and strategic shareholders, including media groups and telecommunications companies, including Mobily’s corporate VC arm Mobily Ventures, that collectively own approximately 68% of Anghami, with the balance owned by the founders.
Co-founder and CEO of Anghami, Eddy Maroun, commented, “Today is a very exciting day for all of us at Anghami and our partners globally. Elie and I co-founded the company in 2012 with a vision for Anghami to be a first of its kind, digital media entertainment technology platform in the MENA region. Today, we have taken a significant step forward in our growth plans in seeking to become the region’s first Arab technology company to list on NASDAQ. Being a U.S. listed public company gives us access to growth capital and a global platform that is the best in the world.”
Elie Habib, Co-founder, Chairman and CTO of Anghami, added, “We’re proud of the product and technology we’ve been able to build and now we will have the ability to invest more in R&D and innovate providing a product that goes beyond music to immersive experiences around media and entertainment while remaining relevant to our users and focused on our local edge.”
The Company expects to have approximately $142 million of cash on its balance sheet at closing to be used primarily to fuel additional growth. The transaction implies an initial pro-forma enterprise valuation of approximately $220 million, or 2.5x 2022 estimated revenues. This compares to Spotify’s current revenue multiple of 6.5x revenue.
Salman Abdulaziz Al-Badran, CEO of Mobily commented, “We are proud to be a shareholder in Anghami since late 2013 – we believed in them early on as it was our second investment through our VC arm, Mobily Ventures. Anghami’s phenomenal success is owed primarily to their amazing team, who have re-defined the Arab music industry. We are pleased to see our investee, Anghami, achieve a NASDAQ listing and are confident that this is first of many more to follow the same trajectory, from both KSA and the region. At Mobily, we will continue to support the startup eco-system through investments and partnerships.”
Anghami is the leading digital music entertainment technology platform in the Middle East and North Africa, with the largest catalog comprising of more than 57 million songs available for more than 70 million users. When it launched in 2012, Anghami was the first music-streaming platform in MENA. In digitizing the region’s music, it has become the best-known and best-loved brand in music streaming in MENA. Today, Anghami features licensed content from leading Arabic labels, independent artists and distributors. Anghami also features music from the major International labels such as Universal, Sony, Warner and is continuously licensing new content.
Headquartered in Abu Dhabi, it has offices in Beirut, Dubai, Cairo and Riyadh and operates in 16 countries across MENA. It is the only service available in English, Arabic and French, and remains close to its customer base, not only thanks to its pan-regional presence but also via the 56 million user data points it generates every day.
To learn more about Anghami, please visit www.anghami.com
About Mobily Ventures
Mobily Ventures is the corporate venture capital arm and 100% owned subsidiary of Mobily (Etihad Etisalat), which invests in ICT startups in the seed-, up to early- and growth-stage to complement Mobily’s core business. The focus is to invest in startups serving and operating in both KSA and MENA region. Mobily Ventures creates real tangible value for Mobily through investments in startups in multiple ways including implementing product/business innovations, overcoming boundaries of non-equity partnerships, brand impact and generating return on the capital deployed.
© Press Release 2021