Microsoft invests in Jordanian software venture
Microsoft Corporation announced its investment in Estarta Solutions, a Jordanian software development company. Estarta Solutions was the result of the business combination of two Jordanian software companies—Zeine Technological Applications and Oneworld Computer Programming.
By investing in Estarta Solutions, Microsoft seeks to strengthen its presence and business development capabilities in the region. In turn, Microsoft's investment is expected to improve Estarta Solutions' positioning in terms of branding, deal flow, financing and breadth of services.
While maintaining its business in American and other developed countries' Information Technology (IT) markets, Estarta Solutions will focus its operations on the Middle East and North Africa (MENA) IT services market.
Microsoft co-invested in Estarta Solutions with Foursan Group, a leading venture capital player in the MENA region that focuses on the IT sector. Atlas Investment Group acted as the sole financial advisor to Zeine on the business combination with Oneworld and on Microsoft's investment in the new entity.
Established in 1991, Zeine is a software development and knowledge management provider in the MENA region. The company currently operates three independent business lines: Software Services (SS), Knowledge Management (KM), and Macintosh Applications (MA).
Oneworld Software was founded in 1997. The company develops Internet software. Atlas is a regional investment banking firm, headquartered in Amman, Jordan, offering integrated investment banking services, including corporate finance, asset management, brokerage and research. — (menareport.com)
© 2002 Mena Report (www.menareport.com)