Thursday, May 24th, 2018
Riyad TAQNIA Fund (“RTF”) and SURE Technology announced that RTF has acquired a stake in the Company. SURE is a growing Saudi Arabian IT and software development company with extensive experience in building technology platforms, payment systems and cloud computing.
“The investment by RTF comes at a very important time as it supports the Company in its plans to align with the Vision 2030 of digital transformation and the localization of the IT industry. It also supports SURE’s aspirations to innovate and deliver technology products and services,” says Mohammed Alshaalan, CEO of SURE. “The new partnership will help the Company expand its existing customer base, products and services locally and regionally”, he adds.
Adel Al Ateeq, Deputy Chief Executive Officer of Riyad Capital, states: “This investment is an extension to RTF’s portfolio of investments in distinguished technology companies with ambitious expansion plans. RTF is delighted to partner with SURE and assist the Company in achieving its future goals.”
SURE provides a number of technical products and solutions in the field of technology, Mobile Development, IT security and Infrastructure, POS and Payment systems and Business Intelligence Internet and Intranet portals, e-Governments solutions, systems integration, and IT infrastructure systems optimization. The Company has a wide array of software-centric and app-oriented products to serve clients in both the public and private sectors as a part of the NTP2020 and Vision2030.. It also provides consulting services in the field of IT and related fields, such as studies and solutions designed specifically for each sector.
Riyad TAQNIA Fund is a Saudi Arabia-based venture capital fund founded by Riyad Capital and TAQNIA. It is backed by leading institutional investors in Saudi Arabia and invests in selected areas of technology.