UAE-based Creative Zone has acquired an undisclosed stake in insurance comparison platform InsuranceMarket.ae.
The financial and other details of the acquisition have not been revealed.
However, according to The National, the deal values InsuranceMarket.ae at approximately $80m (Dh294m).
Citing a statement issued by Creative Zone, the publication reported that the deal is part of a strategic partnership to further the growth of an ecosystem to support start-ups.
Creative Zone managing partner Steve Mayne said: “We aim to become a catalyst that not only simplifies the business setup process, but a one-stop shop for all the business requirements to facilitate on-going sustainable business growth and success.”
Commenting on the deal, Creative Zone managing director Jigar Sagar told the publication: “Our partnership with InsuranceMarket.ae will help us broaden our offering and provide customised insurance services to our clients to support the growth of their business.”
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InsuranceMarket.ae provides a digital platform where users can compare all types of insurance policies for personal as well as business use.
InsuranceMarket operates as a brand of AFIA Insurance Brokerage Services in Dubai, a licensed and regulated insurance brokerage firm in the UAE.
Since its inception, the online platform, regulated by the UAE Insurance Authority, has served around 200,000 clients.