By Staff writer
Stake has been sold to a leading US-based Fortune 500 company
Global alternative investments firm, Arcapita Group Holdings, and Bahrain Mumtalakat Holding Company, the sovereign wealth fund of the kingdom, have sold their stake in NAS Neuron Health Services to a leading US-based Fortune 500 company.
The two partnered in 2017 to acquire an equity stake in NAS Neuron, a leading provider of outsourced medical claims processing services in the GCC.
Over the past three years, which has “exceeded target returns”, the consortium supported the company’s execution of a series of organic and inorganic growth initiatives, including the business combination with another major UAE third-party administrator (TPA), Neuron LLC, the implementation of a variety of strategic initiatives to drive customer growth and reduce costs, and the roll-out of healthcare technology services among its clients.
Atif A. Abdulmalik, Arcapita’s chief executive officer, said: “We are pleased to have achieved this exit in the current economic environment. The UAE and GCC’s private health insurance market has been undergoing a major transformation over the past few years as governments have sought to shift healthcare expenditures from the public to the private sector.
“NAS Neuron has been a beneficiary of this trend and the company has successfully navigated the TPA market by rebalancing its portfolio mix, maintaining a strong technology backbone, and improving operating efficiency.”
NAS Neuron is one of the largest private TPAs of medical claims in the GCC, serving over 1.3 million lives across the region.
Khalid Al Rumaihi, CEO of Mumtalakat, added: “Our strategic partnership with Arcapita enabled us to support and witness NAS Neuron’s progress into one of the leading players in the GCC health sector with a solid management structure, and a clear vision to continue on its growth trajectory.”