Master Works, a leading digital transformation firm based in Saudi Arabia, today (March 2) announced it has raised SR150 million ($40 million) in a funding round led by Merak Capital, an investment firm focused on technology companies and licensed by the Capital Market Authority of Saudi Arabia..
This investment will enable Master Works to accelerate its growth and prepare for a public listing in Saudi Arabia over the next few months, the company said in a statement.
Founded in 2010 by Hani Al-Lehaibi and Bandar Al-Amri, Master Works offers products and services across multiple technology fields such as data management, artificial intelligence, data strategy, API management, software development, and Robotic Process Automation (RPA). The business is headquartered in Riyadh with offices in Egypt, UAE, Jordan, and India.
Recently, the company has succeeded in launching numerous in-house developed software such as Digital PMO (P+), Digital SMO (S+), Baseer, and Diwan. The firm served more than 140 clients across government and private sectors in the Kingdom, with the support of more than 20 global technology providers.
Hani Al-Lehaibi, the founder of Master Works, said: “This deal reflects the outstanding journey of our company over the past years, where we were able to develop our four product lines and services, as well as expand our customer base, while boosting our relationships with key players in the information technology sector, locally and globally”.
He added: “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. Having Merak Capital as a partner reflects our absolute intention to meet the investors' aspirations, and it will play a key role in helping us achieve the growth journey we desire as we help more clients, and the Kingdom, expedite this digital transformation.”
As a leading technology investor in the region, Merak Capital intends to support Master Works ambitious goals and pave the way for public listing in Saudi Arabia, the statement added.
Othman Alhokail, Partner at Merak Capital, said: “It was great to witness the amazing development that Master Works has achieved over the past decade and how it has succeeded in becoming one of Saudi’s leading technology companies in data and digital transformation.”
“With the vision of the executive team, we are confident the company will hit more achievements in the coming years. Merak Capital is proud to be part of this distinguished journey, which is an embodiment of an inspiring success story for all stakeholders in the information technology sector in the Kingdom of Saudi Arabia."—TradeArabia News Service