Saudi Economic and Development Company (SEDCO) announced yesterday (Monday, July 3, 2006), a significant new investment in EJADA Systems Company Limited (EJADA), a leading IT Services & Solutions provider in Middle East & North Africa. SEDCO has acquired a 30 per cent stake in EJADA, supporting the company with additional capital for growth and potential acquisitions in the region. EJADA was created in early 2005 by merging the businesses of Advanced Computer Technology (ACT), NEWTEK Solutions International (NEWTEK) and Elite Computer Solutions (Elite) creating one of the largest IT services & solutions companies in the region with enhanced capabilities to provide world-class IT services and solutions to organizations in the banking & finance, oil and gas, in addition to telecommunication, heath, education, military & defense sectors and governments in the region.
SEDCO’s investment in EJADA is geared towards creating the first truly regional IT Services & Solutions provider in the Middle East & North Africa having the benefit of broad geographic and offering coverage. EJADA has already demonstrated strong growth since the merger, expanding its customer base and winning a number of key contracts from new clients including the government. The additional capital provided by SEDCO will allow the company to expand its operations in the region and position it to acquire a larger share of the rapidly growing IT sector in Saudi Arabia and across the region.
EJADA offers a unique value proposition, combining the competitive advantage of a locally based and culturally aware workforce of 400 + professionals in 8 key cities in Middle East & North Africa with strong strategic alliances and partnerships with leading global technology providers. The company expects to grow its business in the Saudi and across the region rapidly over the next five years, focusing on delivering successful IT projects to a broad range of large enterprises. The company will also seek to expand into other countries in the region.
SEDCO’s investment is a clear indication of EJADA’s potential. According to Yousuf Khayat, Managing Director of SEDCO’s Direct Investment Group: “SEDCO prides itself as being the leading private wealth management and investment organization in Saudi Arabia and the Middle East. We are long term investors who look for opportunities to invest in promising Middle Eastern companies and help these businesses to grow across the region. We believe that EJADA has the potential to become the leading IT services & solutions provider in the Middle East, with strong brand recognition and a diversified customer base. We are pleased to be able to help the company achieve its potential, and look forward to working with the EJADA management to create the Middle East’s own IT powerhouse.”
Yasin Bakhsh, Chairman of EJADA said: “SEDCO’s investment brings a valuable contribution toward achieving EJADA’s vision of being recognized as the largest , most trusted and innovative IT services and solutions company in the Middle East & North Africa. We are known in the market for our ability to successfully deliver complex and large scale IT projects. We are committed to enabling our clients’ business excellence by ensuring the highest standards of implementation, integration, consulting and support services”.
According to Business Monitor International, the IT Services market in Saudi Arabia is expected to reach US $1 billion in 2006, from US $700 million in 2005. Regional growth in the IT sector is expected to remain strong over the next five years, supported by government initiatives to automate processes and enhance e-government service.
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About EJADA
EJADA is a leading IT Services & Solutions company in the Middle East & North Africa, EJADA enable clients' business excellence by architecting and successfully delivering complete world class portfolios of integrated IT Services & solutions.
EJADA provide world-class IT services and solutions to firms in the banking & finance, oil and gas, telecommunication, heath, education, military & defense sectors and to governments in the region.
With over 400 professionals & strong strategic alliances and partnerships with leading global technology providers, EJADA operates from its head office in Riyadh and through its branches in Jeddah, Al Khobar, Amman, Cairo, Alexandria and Dubai and through its partners in Beirut, Kuwait, Yemen and Oman.
For more information please visit www.ejada.com or e-mail: info@ejada.com or contact +96614722277
About SEDCO
Saudi Economic and Development Company, is a leading private wealth management and investment organization that conducts its business according to Islamic guidelines widely known as Shari'ah. It manages a wide and diversified spectrum of real estate investments, investments in equities, and other businesses in Saudi Arabia and around the world. The Organization is based in Jeddah, Saudi Arabia, and has more than 1,500 employees. It is organized into three business groups, Real Estate, Financial Investments, and Direct Investments.
SEDCO is different from other regional private equity players because its investment decisions are not driven by the goal of short-medium term financial gains. Instead, the Direct Investment Group (DIG) brings unique value by staying in businesses for long periods as a strategic partner with a strategic equity stake. It helps management develop and improve the corporate culture of the business, helping the business to grow in new markets, and bringing professional knowledge and know-how from around the globe. It has a vast network of partners which it will leverage to help the business build new alliances, source new suppliers, ensure more efficient financial and risk management, and expand and grow the business throughout the Middle East-North Africa Region.
For more information about SEDCO, visit http://www.sedco.com.
