Microsoft invests in Jordanian Estarta
Microsoft and Foursan Group announced yesterday their investment and strategic endorsement of Estarta Solutions, a combination between two established international IT solutions leaders based in Jordan, Zeine Technological Applications and ONEWORLD Jordan.
Microsoft and Foursan Group, a Jordanian based venture capital firm, announced yesterday, their investment and strategic endorsement of Estarta Solutions, a combination between two established international IT solutions leaders based in Jordan, Zeine Technological Applications and ONEWORLD Jordan.
"This milestone investment by Microsoft in Jordan's dynamic and fast growing IT industry helps to launch a regional IT leader focused on developing world class information technology solutions for U.S., European and Middle Eastern businesses and governments," noted H.E. Dr. Fawaz H. Zu'bi, Jordan's Minister of Information and Communications Technology.
As an active player in the Middle East market, Microsoft's decision to invest in Estarta is in line with its continued efforts to support leading technology companies, further develop the IT industry in Jordan and use information technology as the key driver towards a stronger economy and regional prosperity.
For its part, Foursan Group, a leading Middle East venture capital firm, recognized the great operational and technical synergy in the combination of Zeine and ONEWORLD, which is further enhanced by the endorsement and strategic support that Microsoft brings to Estarta.
Emre Berkin, Vice President of Microsoft Europe, Middle East and Africa, stated that this investment reiterates Microsoft's commitment to support strong development initiatives in the Middle East. "We are very pleased and excited about our investment and role in supporting Estarta, a venture that is sure to expand Jordanian and regional market opportunities through technology access," said Berkin.
"Jordan's competitive entry into the international IT market has been impressive and, under the visionary leadership of His Majesty King Abdullah II, has witnessed tremendous progress in copyright compliance, local IT growth and citizen awareness, giving the Kingdom the potential to be among the IT leaders worldwide," he added.
Estarta's Middle East focus is timely as the region is witnessing a leap in technological advancement, as the technologies are now more mature and less expensive. Government and Businesses in Jordan and, more broadly, the Middle East realize their need to become more efficient and have global market reach through eGovernment and eBusiness initiatives.
"We aim to be the leading IT powerhouse that helps transform organizations in the region, and we want to enable businesses in Jordan and the Middle East to compete and win in global markets," commented Ennis Rimawi, co-founder and Head of Business Development and International Operations at Estarta.
"Estarta has traditionally served U.S. and European companies from Jordan, and it will now focus that world class technical ability to bring success to organizations in the Middle East," said Hatem Zeine, co-founder and Head of Products at Estarta.
"The Jordanian government has been very active in supporting and promoting the development of the IT industry and infrastructure in the Kingdom," said Berkin. "Consequently, in continuing to support the government's IT initiatives, we look forward to working closely with Estarta in unlocking Jordan's true potential on an international scale."
Atlas Investment Group, a Jordanian based investment bank acted as sole financial advisor on this transaction.