Saudi tech firm Master Works clinches $40m investment deal

Saudi-based Master Works has closed an investment deal valued at $40m (SAR150m). The transaction was carried out by Merak Capital, an investment firm focused on technology companies and licensed by the Capital Market Authority of Saudi Arabia.

Founded in 2010 by Hani Al-Lehaibi and Bandar Al-Amri, Master Works offers products and services across multiple technology fields such as data management, artificial intelligence, data strategy, API management, software development and robotic process automation (RPA). The business is headquartered in Riyadh, with offices in Egypt, UAE, Jordan and India.

Recently, the company launched numerous in-house developed software such as Digital PMO (P+), Digital SMO (S+), Baseer and Diwan. The firm has served more than 140 clients across government and private sectors in the kingdom, with the support of more than 20 global technology providers.

Hani Al-Lehaibi, founder of Master Works, said: “This deal reflects the outstanding journey of our company over the past years, where we were able to develop our four product lines and services, as well as expand our customer base, while boosting our relationships with key players in the information technology sector, locally and globally.”

He added: “We aim to continue on developing local innovative products by relying on the experience of our well-qualified team to achieve our future ambitions and to be a unique model in technology investments in the Kingdom. Having Merak Capital as a partner reflects our absolute intention to meet the investors’ aspirations, and it will play a key role in helping us achieve the growth journey we desire as we help more clients, and the Kingdom, expedite this digital transformation.”

يسعدنا في ميراك المالية الإعلان عن استثمارنا بقيمة ١٥٠ مليون ريال سعودي (٤٠ مليون دولار أمريكي) في شركة ماستروركس @MasterWorks_SA، الشركة السعودية الرائدة في تقنيات البيانات والتحول الرقمي:https://t.co/grcFXb0qPV

— Merak Capital (@MerakCapital) March 2, 2022

Merak Capital intends to support Master Works’ growth plans and pave the way for its public listing in Saudi Arabia. Othman Alhokail, partner at Merak Capital, said: “It was great to witness the amazing development that Master Works has achieved over the past decade and how it has succeeded in becoming one of Saudi’s leading technology companies in data and digital transformation.

“With the vision of the executive team, we are confident the company will hit more achievements in the coming years.”