Al Moammar Information Systems (MIS), a leading Saudi IT solutions provider, has officially finalized an investment and purchase agreement to acquire a 15% stake in the electronic insurance brokerage platform, Eltizam. The deal, valued at SAR 19.5 million, marks a significant strategic expansion for MIS into the Kingdom’s rapidly growing InsurTech and FinTech sectors.
The SAR 130 Million Deal
The agreement formalizes the decision made by the MIS board of directors, which was initially approved in October 2023. The SAR 19.5 million investment for a 15% share places the total valuation of the Eltizam platform at SAR 130 million.
This move transitions the company’s strategic intent into a concrete investment, solidifying its commitment to diversifying its portfolio and tapping into high-growth digital markets.
A Strategic Diversification into InsurTech
For MIS, a company traditionally focused on information systems, this acquisition signals a deliberate pivot towards specialized digital platforms. The investment in Eltizam allows MIS to:
- Establish a strong foothold in the burgeoning InsurTech landscape.
- Diversify its investment portfolio beyond conventional IT services.
- Capitalize on the increasing demand for digital insurance services in Saudi Arabia.
This strategic direction aligns perfectly with the digital transformation goals outlined in Saudi Vision 2030, which has catalyzed innovation across the financial and insurance industries.
Eltizam’s Digital Insurance Solutions
Eltizam operates as an electronic insurance brokerage platform, providing digital solutions designed to streamline the insurance process. The platform aims to enhance the market by facilitating easier access to insurance products, improving the overall user experience through digital channels, and increasing the operational efficiency of brokerage services.
About Al Moammar Information Systems (MIS)
Founded in 1979, Al Moammar Information Systems (MIS) is a publicly-listed Saudi company and one of the country’s leading providers of comprehensive IT solutions and services. The company offers a wide range of services, including systems integration, software development, and managed IT services for public and private sector clients across the Kingdom.
Source: Jawlah
