A quick glance into THIQAH ahead of Elm’s takeover

Logo of Thiqah Business Services Co.

Elm Co. announced today, Jan. 22, signing a share sale and purchase agreement (SPA) with the Public Investment Fund (PIF) allowing the Tadawul-listed firm to acquire the fund’s entire stake in Thiqah Business Services Co. (THIQAH) for SAR 3.4 billion.

Established in 2012, THIQAH works to provide its partners with business services and smart solutions to confront challenges.

The company’s vision is to become the lead catalyst in unlocking the potential of digital solutions that transform industries and economies. Its mission includes creating transformative solutions through innovative design and unique cutting-edge capabilities that maximize value to its partners.

The company has a set of operational solutions dedicated to supporting basic activities, starting from human capital, through financial and accounting services, to supplies and logistics.

According to the company’s data, it has a set of ready-made solutions and platforms, such as tools for project management or task management programs. THIQAH provides solutions through six segments, which include products safety and logistics, fintech, commerce, data and technology, quality of life, and justice and proptech.

Products safety and logistics contains two services, namely Saber and Certificate Issuance System.

Saber is an electronic platform that allows importers and manufactures of consumer goods to register the product conformity certificate and shipment certificate in the Saudi market for imported and locally manufactured products.

Certificate Issuance System is a unified digital portal affiliated with Saudi Standards, Metrology and Quality Organization (SASO), which contributes to the automation of procedures and certification services and the provision of marks and cards that indicate the conformity of goods to standard specifications and technical regulations.

Fintech includes Etikal and Etimad services.

Etikal is a platform that aims at governing accounting services in order to secure the commercial sector’s financial health, in the framework of developing the services of accounting system providers, auditing office services, accounting services, and financial consultancy.

Etimad is a certified e-platform, which aims to support the digital transformation and increase transparency and efficiency in the financial services provided by the Ministry of Finance to various government and private sectors.

Commerce segment which includes four services, Maroof, 180 seconds, trademark registration service and establishing contracts register for companies.

Maroof is an e-platform that allows importers and manufactures of consumer goods to register the product conformity certificate and shipment certificate in the Saudi market whether imported or manufactured locally. The platform enables online store owners to display their sites, write a description, and add ways for communication in one place. The platform also helps customers share their opinions, evaluate store owners, and view other customers’ comments.

180 seconds service enables organizations to electronically issue commercial registrations within 180 seconds while also providing managing services, which allows modifying and renewing the registration.

Trademark registration service enables institutions and individuals to electronically register and publish their trademarks.

Establishing contracts register for companies enables beneficiaries to electronically establish incorporation contracts for companies and to issue commercial registrations.

Data and technology segment includes Aamaly and Wathq services.

Aamaly represents an e-newspaper concerned with publishing government transactions, some or all of whose procedures require publication, whether once or periodically. The service grants the client the advantage of completing the publishing process automatically through the system linked to the newspaper directly without the need to perform any further action.

Wathq service provides beneficiaries with a mechanism to directly verify data, such as commercial and criminal record data, through electronic linking to the beneficiary’s system.

Quality of life segment is based on two services: SDR and Ebdea.

The Saudi registration system (SDR) is owned by the Saudi Food & Drug Authority. The system enables the registered institutions to register pharmaceuticals, herbal, and veterinary preparations.

Ebdea platform provides cultural licenses and permits to practitioners and talented people that enable them to practice cultural activities.

Justice and proptech segment contains Almwathiq, E-mazad and E-Zawaj services.

Almwathiq platform is designed by the Ministry of Justice to implement various authentication services such as documenting corporate contracts, issuing and dissolving agreements, and many other services. The platform also allows its users to contact certified notaries from the Ministry of Justice.

E-Mazad is a smart solution that enables beneficiaries to conduct a bidding process and offer assets to be sold easily and reliably. The platform allows participation in various auctions from anywhere in compliance with the laws of holding auctions, buying and selling in Saudi Arabia.

E-Zawaj is an electronic service provided by the Ministry of Justice to fulfill all the government procedures required from individuals to issue a marriage certificate.

Elm published THIQAH’s key financial performance indicators in the last three years as follows: