RIYADH: Saudi-based data and digital information company, Master Works has closed one of the biggest tech deals in Saudi Arabia, raising SR150 million ($40 million) in investments.
The transaction was done by Merak Capital, an investment firm focused on technology companies and licensed by the Capital Market Authority of Saudi Arabia.
Marking the company's first investment round, the funds will be used to prepare Master Works for a public listing in Saudi Arabia, the company told Arab News in an interview. It has no plans however to raise additional funding through debt.
“We aim to continue on developing local innovative products by relying on the experience of our well-qualified team to achieve our future ambitions and to be a unique model in technology investments in the Kingdom,” Hani Al-Lehaibi, the founder of Master Works said.
Al-Lehaibi added that Master Works intends to expand its product portfolio and continue focusing on data and digital transformation. The company also plans to accelerate its research and development strategy to create more market-ready solutions, further expand geographically, and develop a well-defined M&A strategy by targeting local emerging technologies.
Al-Lehaibi said that he is extremely excited for the massive SR30 billion size of the Saudi IT services market which is estimated to grow at an annual compounded rate of 10 percent over the next three years. This growth is driven by global megatrends and local market disruption that is accelerating the demand for Master Works products and solutions, he added
Founded in 2010 by Hani Al-Lehaibi and Bandar Al-Amri, Master Works offers products and services across multiple technology fields in data management, artificial intelligence, software development, and robotics. Headquartered in Riyadh, they also have operations in Egypt, UAE, Jordan, and India.
