PRZOOM - /newswire/ -
Dubai, UAE, United Arab Emirates, 2006/12/07 - AOME offers a full range of IT services from system design and integration to managing outsourced IT operations - ITF, the first Islamic venture capital firm in the MENA region.
Injazat Technology Fund (ITF), the first Islamic venture capital firm in the MENA region, has announced it has acquired 19 per cent stake in Atos Origin Middle East (AOME), a leading international information technology services provider as part of a recently structured Management buyout (MBO).
AOME offers a full range of IT services from system design and integration to managing outsourced IT operations. Covering 19 countries, with more than 500 personnel and dedicated to over 50 large projects throughout the Middle East, AOME is the largest Consulting and Integration Partner in the region.
“This strategic investment in Atos Origin Middle East reinforces our commitment towards the development of the region’s information technology industry. We have been working with AOME management for sometime to complete one of the region’s first technology MBOs. In addition to AOME’s strong market presence and great potential it provides a high degree of synergy with other ITF portfolio companies, both at the geographic and product level” said Rami Bazzi, Principal, Injazat Technology Fund.
Ferras Zalt, Chief Executive Officer, Atos Origin Middle East, said, “Injazat Technology Fund’s stake in AOME is bound to consolidate our standing in the regional IT industry. We see this as an opportunity to increase our contribution to developing the IT resources in the region while also enhancing the service delivery to our clients. Injazat’s support will ensure that our business has the required financial backing, and we can also benefit from the resources of Injazat’s high-profile constituent companies.”
Hussein Rifai, Managing Director, Injazat Capital, said, “Investing in AOME presents an opportunity to be associated with a well-established company based in one of the fastest growing markets in the region. We remain focused on investing in projects that help develop the region, and considering the performance of AOME in the recent years, this is certain to be a sound investment.”
Injazat Technology Fund is a US$ 50 million private equity fund that operates in compliance with Shari’a principles and targets technology companies in the region. ITF provides financial and practical support to companies to maximise investor returns, reduce risks by investing in a diversified portfolio and participate in the development of the IT market in the region.
AOME has two main lines of service - Consulting and Systems Integration (CSI) and Managed Operations (MO). CSI includes integrating new solutions as well as maximizing returns from existing IT investment. MO provides outsourcing operations to clients to manage their core IT infrastructures, including data centers, desktop support, server farms and network communication systems. Through the application of world-class consulting, systems integration and managed operations, AOME can boast of major success stories with SAP projects for some of the largest organisations and ministries in the Middle East.