Foursan Group acquires 21% of MenaITech
April 27, 2022
Foursan Group, a leading Middle Eastern private equity firm, announced today that it has acquired a 21% stake in MenaITech.
Established in 2003 in Jordan, MenaITech is a leading software development company in the MENA region. MenaITech offers on-premise and cloud-based human resource management solutions. The company currently serves over 2,500 clients, covering over 1.5 million users, across 19+ countries.
Nashat Masri, a Partner at Foursan, commented on the transaction: “We are proud to partner with MenaITech and excited to work with the team to help MenaITech continue its success both locally and regionally.”
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”.
Foursan joined MenaITech’s Board of Directors and holds one of the company’s five board seats.
This is the fourth investment by Foursan in its latest fund following its acquisitions of Polymedic, a leading generic pharmaceuticals manufacturer in Morocco, Sands National Academy, one of the largest K-12 schools in Jordan and Jo Academy, the leading online private tutoring platform in Jordan.