Noventiq Announces Strategic Joint Venture with Al-Suwaiket Group in Saudi Arabia
The joint venture will help Noventiq on their strategic geographic expansion and business growth across the Middle East region. Mohamed Mostafa has been appointed as Noventiq General Manager to lead the markets of Saudi Arabia and Egypt.
Riyadh, Saudi Arabia, 29 April 2024 – Noventiq Holdings PLC (Noventiq), a leading provider of digital transformation and cybersecurity solutions and services, announces a strategic joint venture with Al-Suwaiket Group, a leading conglomerate with diversified interests in energy, construction, and technology, reinforcing Noventiq's commitment to expand across Saudi Arabia. To lead the Joint Venture and future growth of Noventiq Saudi Arabia, the company has appointed Mohamed Mostafa as Regional General Manager. Mr. Mostafa will be relocating to Saudi Arabia to start working on the business strategy and talent growth for the market.
The joint venture will have a clear focus on Noventiq’s three-dimensional growth strategy of market, portfolio and sales channel expansion. The joint venture will also be supported by a strategic network of offices, including a new office set to open in 2024 in Dammam, alongside the existing Riyadh office, establishing a robust presence across this market.
The joint venture is committed to boost the digital capabilities of Saudi Arabian companies and industries, offering a comprehensive portfolio of services of digital transformation, cybersecurity, and Data & AI, including Noventiq’s proprietary AI solutions like Weaver AI, Fintense, and Selecta, alongside global technologies such as Microsoft Copilot. These initiatives are designed to elevate organizational efficiency and productivity, aligning with Saudi Vision 2030's goals for digital transformation.
As General Manager for this region, Mohamed Mostafa will oversee the markets of Saudi Arabia and Egypt, focusing on driving growth, fostering innovation, and leading strategic initiatives aimed at leveraging the region's dynamic technology landscape. Under his leadership, Noventiq expects to invest in the region to support its ambitious expansion plans and meet the growing demand for advanced digital transformation and cybersecurity solutions.
Hervé Tessler, CEO of Noventiq, commented:
"Our collaboration with Al-Suwaiket Group and the establishment of this joint venture are key milestones in Noventiq's journey towards becoming a leading force in the Saudi Arabia’s digital transformation sphere. This market’s accelerated growth represents a great opportunity for Noventiq, and I am really glad to have Mohamed to lead this joint venture and our expansion project across Saudi Arabia.”
Sheik Mubarak bin Abdullah Al-Suwaiket, Chairman of Al-Suwaiket Group, shared:
"This joint venture with Noventiq marks a new era of technological advancement for Saudi Arabia. By combining our local expertise with Noventiq's global capabilities, we are setting a new standard for innovation and digital excellence in the region."
Mohamed Mostafa, Regional Director for MEA - Saudi Arabia & Egypt, highlighted:
"With Saudi Arabia positioned as one of the fastest-growing markets worldwide—and the fastest growing G20 economy in 2020—this joint venture is a testament to our belief in the country's potential and our commitment to contributing to Saudi Vision 2030. I am excited to lead this joint venture with the extraordinary team, from Al-Suwaiket Group, and I look forward to enhancing the digital transformation ecosystem in Saudi Arabia."
This joint venture is poised to accelerate Noventiq's growth in Saudi Arabia, leveraging the synergies between Noventiq's global expertise and Al-Suwaiket Group's regional leadership to deliver unparalleled technology solutions and services.
Business Combination Agreement
As previously announced on May 4, 2023, Noventiq and Corner Growth Acquisition Corp. (NASDAQ: COOL) entered into a business combination agreement that is expected to result in the combined company being listed on Nasdaq under the symbol “NVIQ”. The proposed business combination is expected to provide Noventiq with improved access to new sources of capital, accelerate M&A opportunities, and enhance its reach and capabilities in fast-growing technology development in cybersecurity, generative AI, and other high-margin solutions and tools.
About Noventiq
Noventiq (Noventiq Holdings PLC) is a leading global solutions and services provider in digital transformation and cybersecurity, headquartered in London. The company enables, facilitates, and accelerates digital transformation for its customers’ businesses, connecting organizations across a comprehensive range of industries with best-in-class IT vendors, alongside its own services and proprietary solutions.
The company’s rapid growth is underpinned by its three-dimensional strategy to expand its market penetration, product portfolio, and sales channels. This is supported by an active approach to M&A, positioning Noventiq to capitalize on the industry’s ongoing consolidation. With around 6,400 employees globally, Noventiq operates in approximately 60 countries with significant growth potential in multiple regions including Latin America, EMEA, and APAC – with a notable presence in India.
About Al-Suwaiket Group
Al-Suwaiket Group has over 40 years of experience in the Middle East region. The company has worked with over 200 international companies under the joint-venture partnership. The group currently employs 16,000 people and has a net worth of 6 billion USD.
About Corner Growth Acquisition Corp.
Corner Growth Acquisition Corp. (Nasdaq: COOL) is a special purpose acquisition company (SPAC) focused on partnering with a high growth technology company. Corner Growth’s mission is to deliver value to its investors by providing a compelling alternative to a traditional public offering. Corner Growth is uniquely positioned to deliver on its value-add approach given its management team’s history, experience, relationships, leadership and track record in identifying and investing in disruptive technology companies across all technology verticals.
Corner Growth also brings a group of highly respected investment professionals, with strong track records and deep individual experience in SPAC and de-SPAC processes, a rolodex of premier public market investors, and a team of advisors who offer experience and access to networks across a broad functional and physical geography.
Noventiq Contacts
Investors:
Steven Salter
VP Corporate Affairs
IR@noventiq.com
Media:
Rocio Herraiz
Global Head of Communications
pr@noventiq.com
