RIYADH: Saudi-based data and digital information company, MasterWorks has closed one of the biggest tech deals in Saudi Arabia, raising $40 million from investment firm Merek Capital.
MasterWorks told Arab News that it is going to use the funding mainly to prepare for a public listing in Saudi Arabia.
MasterWorks also added that it plans to serve more clients in the Kingdom’s private and government sectors. It will also accelerate its research and development strategy to create more market-ready solutions and expand geographically.
MasterWorks is not planning to raise any additional funds through debt.
The company has launched multiple in-house developed software such as Digital PMO, Digital SMO, Baseer, and Diwan.
Founded in 2010 by Hani Al Lehaibi, the company has support from over 20 global technology providers, and has offices in Egypt, UAE, Jordan, India, and headquarters in Saudi Arabia.