UAE Insurtech Sehteq Acquired by US SaaS Startup Cloud Klair
The Boston-based cloud computing and SaaS has acquired Sehteq as part of expansion plans in the MENA region.
UAE-based insurtech startup, Sehteq, has been acquired by cloud computing and SaaS startup, Cloud Klair, as the Boston-based company looks to establish a greater presence in the MENA region. The acquisition, made with an undisclosed amount, will take effect post-January 2022.
Sehteq, launched in 2018, uses artificial intelligence to digitize the supply of insurance plans, accelerating and automating sale processes to UAE families. Their larger goal is to make insurance accessible and efficient. The startup raised $20 million in August 2020 from 961 Capital, which allowed them to acquire Egyptian digital insurance startup Dawa Express for $3 million a year later.
“Sehteq will complete four years since it was launched this October, and our technology-driven business model was tested at scale with the growth of our client base from 20,000 customers in 2018 to more than 700,000 in 2021. The partnership with Cloud Kair will help the startup realise its true potential to be the first health insurance PAAS in the region” said Saif Aljaibeji, Sehteq’s co-founder.
