ICTV invests in security specialist I(TS)2
Venture capital company takes minority stake in Saudi's I(TS)2
Information and Communication Technology Ventures (ICTV), a venture capital company focused on IT and communication investment in the MENA region, has announced that it has acquired a minority stake in I(TS)2.
The deal will allow I(TS)2, a security solutions and consultancy specialist, to continue its expansion, and will provide a strategic fit with the company's Raqeeb Managed Security Services offering, according to the company.
M. Barig Siraj, CEO of ICTV commented: "What attracted us to I(TS)2 is their Raqeeb world class service offering to manage companies data security requirements remotely operated 100% in-kingdom. But what convinced us to invest is the focus of the whole company on data security, professional service management, in addition to existing like-minded shareholders."
"ICTV brings Board Members with diverse backgrounds in IT business which will further bolster the existing I(TS)2 Board. In addition, the investment will give I(TS)2 additional financial resources to expand its businesses organically and through acquisitions in the future" said AbdulMajeed Al-Shaikh, CEO at I(TS)2.
The value of the investment was not disclosed.