Anghami, the leading music streaming platform in the Middle East and North Africa, merges with Vistas Media Acquisition Company Inc. to become first Arab technology company to list on NASDAQ New York
Anghami will become the first Arab technology company to list on NASDAQ New York via a merger with Vistas Media Acquisition Company Inc. (NASDAQ: VMAC), a publicly traded special purpose acquisition company.
- The transaction implies an initial pro-forma enterprise valuation of approximately $220 million, or 2.5x 2022 estimated revenues.
- The transaction is expected to close in Q2 of 2021.
- SHUAA Capital psc. (DFM: SHUAA), the UAE’s premier publicly listed asset management and investment banking firm and Vistas Media Capital Singapore, the parent of the sponsor for Vistas Media Acquisition Company Inc., have gathered commitments of a combined $40 million ($30 million from SHUAA and $10 million from Vistas Media Capital) in PIPE financing. SHUAA also led a funding round for Anghami earlier in the year.Anghami, headquartered in Abu Dhabi, UAE, is currently backed by leading MENA venture capital firms and strategic shareholders, including media groups and telecommunications companies 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 artificial intelligence and machine learning to improve recommendations, reduce churn, drive engagement and predict user behavior.
- Founded in 2012, Anghami is the first music-streaming platform in the Middle East and North Africa (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.