Multiply Group
Multiply Group PJSC is an Abu Dhabi-based tech-focused holding company. It was listed on Abu Dhabi Security Exchange (ADX) Main Market on December 5, 2021. Major shareholders of Multiply Group include International Holding Company (IHC).[1][2][3]
The company's investments are in 5 industries: automotive, utilities, capital, wellness, and communications.[4][5][6]
History[edit]
The Company started out as Multiply Marketing Consultancy LLC, established in the year 2003 with its current CEO and 3 other employees. In 2019, the Company initiated investments and global partnerships in tech-focused companies. International holding company acquired the Company in 2020.[6][7][7][2]
Mergers and acquisitions[edit]
Starting in 2016 and up to 2019, the company acquired its largest local competitor Viola Communications. In 2021, Multiply Group invested $14.9 million in US rideshare advertising company Firefly. International Holding Company (IHC) through Multiply Group acquired 51% of Bin Suhail Group.[8][1][9][10] Multiply Group invested Dh92 million ($25m) in musician and entrepreneur Rihanna intimate apparel business Savage X Fenty.[11][12][13]
References[edit]
- ↑ 1.0 1.1 "Abu Dhabi based Multiply Marketing acquires stake in digital media platform Firefly". gulfnews.com.
- ↑ 2.0 2.1 "Abu Dhabi IHC's Multiply Group invests $14.9mln in US start-up Firefly". www.zawya.com.
- ↑ "IHC Unit Gets $13.1 Billion of Bids in Direct Listing". Bloomberg.com.
- ↑ "Abu Dhabi's IHC plans IPO for tech-focused subsidiary Multiply this year". The National. October 15, 2021.
- ↑ "Abu Dhabi's IHC acquires 51% of Bin Suhail Group to form beauty JV". Reuters. October 11, 2021 – via www.reuters.com.
- ↑ 6.0 6.1 https://www.arabianbusiness.com/gcc/uae/468738-abu-dhabis-multiply-invests-again-in-us-taxi-advertising-platform[bare URL]
- ↑ 7.0 7.1 "Abu Dhabi's IHC acquires 51% of Bin Suhail Group to form beauty JV". October 11, 2021 – via www.reuters.com.
- ↑ "Abu Dhabi's IHC signs agreement to create beauty sector joint venture in the UAE". The National. October 12, 2021.
- ↑ "IHC surpasses expectations as profit more than triples in first 9 months of 2021". The National. November 5, 2021.
- ↑ Mansoor, Zainab (December 5, 2021). "IHC's Multiply Group starts trading on Abu Dhabi Securities Exchange".
- ↑ "Abu Dhabi's Multiply Group invests $25m in Rihanna's fashion brand". The National. January 27, 2022.
- ↑ "Multiply Group's 2021 profit soars on higher revenue". The National. February 11, 2022.
- ↑ "Abu Dhabi's Multiply Group posts $61.3mln net profit". www.zawya.com.
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