Software AG to explore the Iranian economy

Software AG has signed an agreement with an Iranian company TÜV NORD as it plans to venture into the economy

Tags: IranMergers and acquisitionsSoftware AG
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Software AG to explore the Iranian economy Rex Neate, Lead – Partner and Ecosystems, Software AG – Gulf and Levant with Dr. Kamran Rezaie, Managing Director - TUV Nord, Iran
By  Aasha Bodhani Published  July 3, 2016

Software AG has revealed its strategic plan to venture into Iran to leverage its potential of becoming the fastest-growing IT sector in the Middle East region in the next five years.

As part of the plan, Software AG has signed an agreement with two local companies; including TÜV NORD.

As the Middle East moves to modernise and upgrade its IT capabilities, Software AG foresees a sustained growth in the region. Software AG aims to strengthen its business in Iran's $420bn economy through its latest collaborations and help to build an official supply network. With its opening again to international business in key sector, Iran offers infinite opportunities to IT companies who can gain easy access to its 80 million consumers.

Rex Neate, Lead - Partner and Ecosystems, Software AG, Gulf and Levant, said: "Software AG has had a successful history of supplying software licences to banks, petrochemical companies, and government organisations in Iran prior to the UN restrictions imposed in 2006.

"Following the lifting of the trade embargo, we aim to work with established and capable partners who can help us start off work from where we left. We are confident that our current partnership deals will immensely benefit Software AG in re-establishing itself in a much stronger position than before in the Iranian market."

According to the World Bank, Iran's gross domestic product is predicted to grow by 6% in 2016 and 7% in 2017. Increased IT spending, an expanding rate of mobile penetration and the easing of economic sanctions will give a major boost to the domestic IT services market, enabling it to reach $2.8bn by 2020.

Software AG offers an end-to-end Digital Business Platform, based on open standards, with integration, process management, in-memory data, adaptive application development, real-time analytics and enterprise architecture management as core building blocks. The modular platform enables users to develop the next generation of application systems to build their digital future.

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