Amman, Jordan, April 27, 2022 – MenaITech Management has announced partnering with Foursan Group, a Middle Eastern leading private equity as the latter has acquired a stake of 21% in MenaITech.
This investment, which aims to support MenaITech’s expansion, is consistent with MenaITech’s strategy to provide Innovative world-class human capital solutions to MENA countries and to serve more geographic regions, as well as Foursan Group’s mission to invest in dynamic companies that are uniquely positioned in their respective markets.
Habib Ghawi, Chairman of MenaITech, added: “We are very excited about FCP II’s investment in MenaITech. We are looking forward to working together to build on the success of MenaITech and to consolidate and expand the company’s position to become the dominant provider of HR software solutions in the MENA region”.
Nashat Masri, a Partner at Foursan Group, a leading private equity firm, stated: “We are proud to partner with MenaITech and excited to work with the team to help MenaITech continue its success both locally and regionally.”
MenaITech, an innovative provider of human capital information systems and HR technology in the Middle East and North Africa, provides on- premise and cloud-hosted Human Capital Solutions for Corporates and SMEs. Currently, the company serves over 3000 clients, in 19+ countries, representing over 1.5 million users.
Foursan Group (FCP), Established in 2000, is a private equity specialist with a primary focus on the Middle East. FCP’s investments and portfolio companies have created thousands of direct and indirect jobs across the region including in Jordan, Algeria, Iraq, Morocco, Oman, Palestine, Saudi Arabia, and the UAE.