|Leading MENA venture capitalist injazat technology fund invests in specialized technical services (STS)
|STS to target emerging markets in the region for e-Government and electronic banking solutions
Injazat Technology Fund, the premier venture capital firm in the MENA region, has recently announced its investment in “Specialized Technical Services (STS)”, a Jordan–based company.
STS, through its partnership with worldwide IT players like Microsoft, Dell, Sun, IBM, Cisco, and Hypercom, is the leading enterprise level hardware, software services and solutions provider in several countries across the MENA region, besides offering specialized e-government and e-banking solutions.
“As the premier Venture Capitalist in the MENA region, Injazat is constantly on the lookout for promising local companies that have contributed significantly to the growth and development of the IT and technology sector in the region. There are several criteria that come into play while selecting a company for funding, including the company’s financials, potential for growth and forex earning capacity. STS Group is a diversified IT powerhouse with activities ranging from hardware to complex e-government and e-banking solutions. The group stands today as a significant regional player in the rapidly growing IT service and solution markets in the MENA, bringing in valuable foreign exchange through export of its solutions and services. This made it a strong candidate for funding”, stated Hussein Rifai, Chief Executive Officer, Injazat Technology Fund.
“Moreover, as a venture capitalist company whose aim is to aid economic growth in the region, social responsibility is also an important factor for selection”, added Rifai. “Injazat only funds companies that have a solid commitment to developing stronger IT resources in the region.
STS has established the Arab Academy for Microsoft Technologies, a dedicated training center, whose main purpose is to train and certify young professionals on Microsoft's latest products and the core technologies that are shaping the future of the IT world”.
STS also has an e-business solutions arm, BusinessOne that delivers its solutions to e-Governments, banks and telecommunication companies in the MENA region, helping them to become more self-reliant. STS has established itself as the premier regional provider of end-to-end electronic payment and transaction technology solutions to banks and financial institutions.
“STS is pleased with the investment from Injazat as this will help us in our long term strategy of becoming a truly regional company. Through our tie-up with Injazat, we now have access to their team of regional experts and funds for consolidating our market position in our established markets such as Jordan, Egypt and the Gulf countries as well as help finance our new operations and large projects in emerging markets such as Iraq and Sudan. This will position the company for an IPO on the public stock markets in the near future”, said Ramzi Zeine, Chairman of STS.
“Injazat’s undertaking is a solid example of the investment prospects that Jordan’s ICT sector has to offer”, remarked Dr. Fawaz Zu’bi, Minister of Information and Communications Technology, Jordan. “The government continues to do its part in supporting such investments through effective implementation of policies which will generate opportunities both at local and regional levels”.
Injazat Technology Fund is a US$ 50 million Venture Capital Fund operating in compliance with Shari’a principles and targeting technology companies within the MENA region under the motto, ‘From the region, For the region’. The Fund was initiated by the Islamic Corporation for the Development of the Private Sector (ICD) and affiliate of the Islamic Development Bank (IDB) and Gulf Finance House (GFH), in partnership with Dubai Islamic Bank, Saudi Economic and Development Company (SEDCO) and Iran Foreign Investment Corporation (IFIC).
STS established in 1989, is a leading enterprise level hardware, software services and solutions provider in several countries across the MENA region, besides offering specialized e-government and e-banking solutions. Empowered by a professional force of 190+ qualified and highly skilled employees, and partnerships with industry leading companies like Microsoft, Dell, Sun, IBM, Cisco and Hypercom, STS Group continues to grow and expand its business. For further information, kindly check our website at: www.sts.com.jo
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