Riyadh, Saudi Arabia: - Jisr, the largest platform for digitizing human resources operations in Saudi Arabia, has closed an investment round worth 30 million US dollars (112.5 million SR). This marks the largest Series A investment round for a Software as a Service (SaaS) company in the Middle East. The deal was done by Merak Capital, a leading investment firm focused on technology opportunities across multiple stages and industries.
This investment underscores the investors' high level of confidence in Jisr's growth and its commitment to advancing modern HR technology, expanding its product offerings, and supporting organizations in optimizing their human capital.
Jisr, founded in 2016, stands as the first Saudi human resources management platform, supporting over 3,000 clients with 350,000 registered employees. Jisr caters to 16 sectors and operates from its offices in Riyadh and Hadhramaut.
Jisr's HR technology system is a game-changer in the Middle East and North Africa. It combines all HR operations into one platform, helping organizations grow and innovate by providing the necessary tools to make the most of HR technology.
Abdullah Altamami, the Partner and CEO of Merak Capital, shared his thoughts on this investment round, saying, "We at Merak Capital are delighted to invest 112.5 million Saudi Riyal (30 million US dollars) in Jisr, which is one of the largest SaaS companies that has truly evolved within the Kingdom of Saudi Arabia. Today, Jisr serves over 3,000 clients and manages payroll transactions exceeding 10 billion Riyals across various industries, including government, semi-government, or private sectors."
He continued, "With the deep expertise and strong vision of the founder Mohammed Akkar Al-Johi and his executive management team, Jisr has established itself as the leader of its market, and we believe it is in the process of creating a major leap in the digitization of human resources in Saudi Arabia by creating the definitive workforce management platform with expanding robust local integrations."
Mohammed Akkar Al-Johi, Founder and CEO of Jisr, stated, "At Jisr, we are dedicated to helping organizations manage their most valuable assets through digital transformation. With a track record of supporting over 3,000 organizations in managing their human capital. Today, many organizations use multiple platforms for HR management. Our vision from the start has been to bring all these systems together into one unified platform."
He continued, "Through Merak's investment in Jisr, our goal is to advance the modern HR technology system. We aim to achieve this by developing products that enhance every aspect of HR operations, from recruitment and management to payroll processing, all seamlessly integrated with various platforms. This partnership with Merak will enable us to build this advanced HR technology system. Our main goal is to make it simpler for organizations to recruit, develop their workforce, ensure wage protection, and beyond.”
Jisr has positioned itself in a rapidly changing world as a trusted partner for leading companies in the Kingdom aspiring to digitize human resources. They aim to evolve the concept from merely a workforce management system to a modern technical platform that seeks to bring about a revolutionary change in human resources operations.
About Merak Capital:
Merak is built on deep technology research and understanding, staying at the forefront of digital trends and finding investment opportunities that are aligned with adoption cycles from different sectors, locally, regionally, and globally. The firm aims to partner with the builders of tomorrow in leading technological transformations, unlocking new markets and opportunities for growth, where innovation, fueled by the entrepreneurial spirit, shapes our future. Merak specializes in alternative asset classes such as venture capital, private equity, credit financing, and special projects.
The firm is licensed by the Capital Market Authority of Saudi Arabia and was founded in 2018 by Saudi nationals with extensive experience in technology and investments.
Jisr is an industry leader in the realm of HR technology solutions, dedicated to transforming and modernizing human resource management in Saudi Arabia. With a profound commitment to innovation and local adaptability, Jisr has consistently redefined industry standards, ensuring organizations can effectively harness the power of technology to optimize HR operations.