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Kenyan insurtechLamiTechnologies in February last yearannounced its acquisition of Bluewave , another startup within the insurance space , to expand its product offering and enable it to descale into new markets in Africa — but it has now emerge that the deal fell through months later .
TechCrunch has exclusively get wind that at the time Lami went public with the acquisition , only a two - year “ strategic partnership arrangement ” was in place . However , Bluewavefounder Adelaide Odhiambo told TechCrunch that ground had been put down for an acquisition once Lami ’s fundraising campaign , which had accept off in earnest around the same sentence , closed . Lami fit on to elevate a$3.7 million come extensionled byHarlem Capital .
Odhiambo , who link Lami as head of partnerships , claims that the term of the mickle , admit the attainment price , started changing , forcing her to walk aside in August last year . In the meanwhile , Bluewave had licence its tech to Lami , and onboarded married person and employees as per the agreement .
Lami declined to comment .
Odhiambo tell TechCrunch that Bluewave “ entered into the negotiations with full aim ” to see the deal with Lami through . “ Unfortunately , the conversations did not bear fruit as we could n’t fit in on the commercial-grade full term for an acquisition . We , however , still retained the strategic partnership accord which is now coming to an end , suppose Odhiambo .
Lami has an destruction - to - remnant digital insurance platform and an API that allows businesses in different sectors to make tailored insurance solvent for their client . It was found in 2018 by Jihan Abass ( CEO ) . Roy Perlot ( CFO ) who has been with the insurtech since 2020 , was appointed co - laminitis last year .
Bluewave , set in motion in 2016 , has build up an on-line chopine that allows clients to get at micro - insurance product through divers channel , including USSD , SMS , WhatsApp chatbots and World Wide Web applications .
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At the time of the acquisition announcement last year , Abass said Lami would desegregate with Bluewave ’s platform to enhance its B2B2C offerings . Lami was also arrange to tap Bluewave ’s stretch , to scale into Modern markets admit Malawi and the Democratic Republic of Congo .
Odhiambo claim the two - twelvemonth accord with Lami cease in January 2024 . Asked why she let the agreement run through , Odhiambo said she had initiated the partnership and did n’t want to interrupt .
“ I did not want anything that may imperil that relationship with them , ” she said , add that Bluewave is relaunching to continue from where the caller leave off , and has signed partnerships with aggregators include Mobile web Operators and banks to spread micro - insurance products in several countries within the East and Southern Africa regions .
