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Dubai, UAE, United Arab Emirates, 12/24/2006 – Injazat Technology Fund, the premier private equity fund in the MENA region, has announced that it has strategically exited its investment in Docman, the records management and imaging services company, through the sale of its shares in the company to Aramex.
Injazat Technology Fund had invested in Docman in 2002, helping the company turn profitable and increase revenues by an impressive 177 per cent. Injazat added value in terms of exposure and supported the Docman management by channelling several projects and clients to the company.
Commenting on the deal, Rami Bazzi, Principal, ITF said: “Injazat is proud of facilitating the Docman transaction. We strongly believe that by working closely with management teams, we can add value to our portfolio companies and position them as viable acquisition or merger targets or prepare them for Initial Public Offering (IPO) as we did previously with Raya Holding in Egypt”.
By completing the strategic AED 15 million sale transaction, Injazat would have generated about 20 per cent Internal Rate of Return (IRR) for its shareholders. Docman will now be merged with InfoFort, Aramex International’s wholly owned regional document records management company based in Dubai, in a strategic move to increase the company’s client and revenue base.
Hussein Rifai, Managing Director, Injazat Capital said: “Through our investment in Docman, we demonstrated our commitment to invest in quality companies and implemented one of Injazat's main objectives, which is to support the IT industry in the MENA region. We are happy to have played a significant role in promoting the profitable sale of Docman to Aramex.”
Docman provides a suite of end-to-end document management services and boasts one of the region’s most secure and safe document and media storage facilities, equipped with leading software and security management solutions. It also offers scanning services for large projects and provides further consulting services for records management which distinguish it from the conventional box storage facilitators and providers.
Injazat Technology Fund is a private equity fund with a growing portfolio of technology, media and communications companies. The Fund is managed by Injazat Capital, one of the region’s leading investment banks specialising in management buyouts, private equity, venture capital and leveraged debt.
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