Bahrain - An entity managed by Investcorp has acquired a majority stake in Nour Internet for Communication and Information Technology Company (NourNet), one of Saudi Arabia’s largest pure-play providers of connectivity and information and communication technology (ICT) services.

NourNet was established in 1998 in Saudi Arabia as a wholly-owned subsidiary of Nour Communications.

Begun as an internet service provider to business-to-business (B2B) clients, NourNet has since expanded its technical and personnel capabilities to offer value-added ICT services, including cloud, managed IT services, security/cybersecurity, and data centre management.

It has more than 450 employees serving a diversified client base of more than 1,200 businesses across 30 cities in Saudi Arabia.

Investcorp is a Bahrain-based alternative investment manager and has made nine investments in Saudi Arabia, operating across diversified sectors such as healthcare, consumer, tech-enabled services, business services, transport and logistics, and industrial services.

Hazem Ben-Gacem, co-chief executive of Investcorp, said: “We are delighted to have made this investment leveraging Investcorp’s global experience investing in the business services sector and focusing on technology-enabled businesses, combined with our strong experience investing in and taking companies public in Saudi Arabia.

Our investment strategy and commitment to this sector is in line with Saudi Arabia’s Vision 2030 to accelerate digital transformation across industries.”

Walid Majdalani, head of private equity Mena and SEA at Investcorp, said: “We are very excited to partner with NourNet as our second investment for the recently launched Investcorp Saudi pre-IPO Growth Fund and our ninth investment in Saudi Arabia.

We have ambitious plans for the company, including expanding its service offerings and its geographic footprint organically and/or through acquisitions, and we look forward to working closely with its management team to contribute to its growth journey.”

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