- UAE-based Tech Universal Ventures (TUV) has acquired FixSquad (UAE) and ELVA11 (Sweden) as part of a strategic push to expand its presence across the GCC and global markets.
- The acquisitions align with TUV’s vision to build a network of companies delivering core digital infrastructure and scalable, intelligent services across consumer, enterprise, and education sectors.
- FixSquad, a mobile and electronics servicing brand, operates across the GCC with a hybrid consumer–enterprise model and is rolling out a regional franchise framework. ELVA11, headquartered in Malmö and Stockholm, is a high-performance AI and software consultancy known for its engineering culture, with services spanning software development, consulting, and digital education.
Press release:
Tech Universal Ventures (TUV), a UAE-based investment holding firm, has acquired two high-growth technology companies—FixSquad (UAE) and ELVA11 (Sweden)—as part of its strategic push to scale intelligent services and expand its footprint across the Gulf and global markets.
FixSquad is a fast-scaling mobile and electronics servicing brand operating in both the consumer and B2B spaces, with a growing footprint across the GCC. The company is currently rolling out a regional franchise model to standardise service delivery and expand B2B partnerships with enterprise clients.
ELVA11, based in Malmö and Stockholm, is a high-performance software and artificial intelligence (AI) company known for its strong engineering culture and scalable consulting and education services.
Darko Atijas, Chief Operation Officer at TUV, commented:
“These acquisitions reflect our strategy to build and back companies delivering core infrastructure for digital growth. FixSquad’s hybrid consumer-enterprise model positions it as a foundational player in regional service delivery, while ELVA11 brings AI-native capabilities we believe will define the next era of global software.”
Mohamed Rafeeque, CEO of FixSquad, commented:
“We’ve built Fixsquad on the principles of reliability, scale, and smart service. With TUV’s backing, we’re now accelerating our regional rollout and expanding our B2B offering to meet the demands of a fast-evolving digital services market.”
Jim Roslund, founder and CEO of ELVA11, commented:
“We are incredibly excited about our new partnership with TUV. Their strategic insight and innovation-driven mindset are perfectly aligned with our mission. This investment not only validates the hard work and vision of our team but also gives us the resources to scale faster and serve our clients even better. Securing this level of support in a challenging market speaks volumes about the trust placed in our model, our people, and our potential.”
Looking ahead, TUV will continue to focus on strategic investments across system integration, technology servicing, and education-led digital infrastructure. These acquisitions mark a clear step toward building a connected, scalable network of companies positioned to lead in regional transformation and global innovation.
TUV continues to play a key role in boosting the UAE’s position as a leading M&A hub in the region. In 2024, the UAE recorded 96 inbound deals valued at $7.6 billion—representing 67% of total inbound deal value across MENA—solidifying its status as the region’s top investment destination