Noventiq Announces Strategic Joint Venture with Al-Suwaiket Group in Saudi Arabia
Noventiq Holdings PLC announces a strategic joint venture with Al-Suwaiket Group in Saudi Arabia to expand its digital transformation and cybersecurity solutions. Mohamed Mostafa appointed as General Manager for Saudi Arabia and Egypt.
The joint venture focuses on market, portfolio, and sales channel expansion, supported by a new office in Dammam. It aims to boost digital capabilities in Saudi Arabia, offering services like digital transformation, cybersecurity, and proprietary AI solutions.
The partnership will accelerate Noventiq's growth in Saudi Arabia, leveraging global expertise and local leadership.
Noventiq expands its digital and cybersecurity solutions through a strategic joint venture.
Mohamed Mostafa appointed as General Manager for the Saudi Arabia and Egypt markets.
The joint venture aims to boost digital capabilities in Saudi Arabia by offering a comprehensive portfolio of services.
There is a risk associated with the proposed business combination agreement with Corner Growth Acquisition Corp.
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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 andEgypt .
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
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
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
Mohamed Mostafa, Regional Director for MEA -
This joint venture is poised to accelerate Noventiq's growth in
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
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
About Al-Suwaiket Group
Al-Suwaiket Group has over 40 years of experience in the
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240429673293/en/
Noventiq Contacts
Investors:
Steven Salter
VP Corporate Affairs
IR@noventiq.com
Media:
Rocio Herraiz
Global Head of Communications
pr@noventiq.com
Corner Growth Contacts
Investors: Ryan Flanagan, ICR
ryan.flanagan@icrinc.com
Media:
Brian Ruby, ICR
Brian.ruby@icrinc.com
Source: Corner Growth Acquisition Corp. & Noventiq Holdings PLC
FAQ
What does the joint venture between Noventiq and Al-Suwaiket Group aim to achieve?
Who has been appointed as the Regional General Manager for Noventiq Saudi Arabia?
What services will be offered by the joint venture in Saudi Arabia?
What is the risk associated with the business combination agreement with Corner Growth Acquisition Corp.?
