Joint investors EuroMena Fund, a private equity fund dedicated to the Middle East and North Africa (MENA), Venture Capital Bank, the first dedicated Islamic venture capital bank in the GCC and MENA region, and Proparco, the private sector financing arm of the French Development Agency providing equity, loan and guarantee products to finance private projects in developing countries have coordinated the acquisition of 79% of ITWorx, a leading global software services organization, headquartered in Cairo and with offices in the United States, Saudi Arabia, United Arab Emirates.
The announcement was made today by Wael Amin, CEO of ITWorx and Gilles de Clerck, Senior Manager, EuroMena.
“We are delighted with the recent majority acquisition in ITWorx which is not only a recognition of the success of the company to date but also an enabler to fulfilling our growth plans now and into the future,” said Amin.
The acquisition will be a catalyst to fuel the expansion of the company’s global footprint as well as its internal development. The Egypt-based software company will be adding to its current US and European operations by implementing plans to add additional staff, creating new opportunities for talent in Egypt, the GCC, where recent office expansions have occurred, and other markets where ITWorx operates. ITWorx will also expand and enhance its services, as well as explore new markets.
“The investment into ITWorx is a testament of the company’s remarkable successes, the quality of its most important assets its Human capital, as well as a vote of confidence in its future development plans” said de Clerck.
“ITWorx will continue to provide high quality services and products while it consistently raises the bar on best practice. ITWorx is a remarkable company that provides growth and innovation for its clients and represents a valuable addition to our co-managed MENA Small & Medium Enterprises Fund” said Sharif Monfaradi, Chief Investment Officer – Private Equity and Financial Advisory Services, Venture Capital Bank.
ITWorx has achieved phenomenal growth during the past five years. This majority stake acquisition by the joint investors sets the grounds for further injection of funds to support ITWorx continued global and regional growth.
ITWorx provides quality software solutions to the government, education, telecom, and banking and finance sectors and has recently been in the news announcing their expansion in the GCC, the launch of new and innovative education tools and its win of the ‘2007 Microsoft Custom Development Solutions Partner of the Year, Web Development’. ITWorx key customers in the Gulf include the UAE Ministry of Education, ictQatar, University of Sharjah, and du. Key partnerships include Microsoft, BEA, and Vignette.
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