Injazat Technology Fund, the first Islamic venture capital firm in the MENA region, recently signed an initial investment contract with Promedia Systems, a leading specialist in the audio visual systems, specialist lighting, data networking and integrated systems installation sector.
Under the agreement, Injazat will acquire a 31.25% equity stake in Promedia to enable it to carry out expansion plans in the Middle East. Injazat is investing in Promedia alongside partner company Omnix Media Networks, in which Injazat invested in 2003 and currently holds a significant stake. Injazat is proposing to merge the two entities into one,
The contract was signed by Jamal Abu Issa, Chairman, Promedia and Omnix Media Networks, and Hussein Rifai, CEO of Injazat.
Hussein Rifai, CEO of Injazat, said: “The specialist Audio Visual and Integrated systems sector offer a huge potential in today’s Knowledge-based society. Integrated solution providers like Promedia, backed by their track record of providing proven technology, high quality products and best engineering practices, are always in high demand. We have identified Promedia as a rising star on the horizon, with a huge growth potential.”
“One of the key objectives of the new arrangement is that Promedia will be able to complement the services and operations of Omnix Media Networks, provide additional personnel and technical resources to service clients’ needs and expand the operations of the combined entity across the Middle East,” added Rifai. “We will also support Promedia with our management expertise and our two portfolio companies throughout the business integration period. We have experts who have mastered the dynamics of specific businesses and regional markets, as well as the post-merger integration process. The synergies we share with Promedia could lead to higher revenues in the long run and boost its profile at the regional level.”
Charles Nahas, CEO, Promedia and Omnix Media Networks, said: “Injazat’s move to buy a financial stake in Promedia indicates that Injazat sees huge potential for the combined business of Omnix Media Networks and Promedia, while at the same time acknowledging our tremendous achievements and recognizing the platform we have built within Omnix Media Networks as a viable base for expanding this business on a regional level. This development will certainly boost our position in the region as a leading player in our specialized area of business. We also look forwarding to leveraging Injazat financial management practices for improving our operations that will finally reflect on the bottomline.”
Promedia designs, engineers, installs and commissions a wide range of specialist systems, such as audiovisual, CCTV, Access Control, SMATV, hospitality systems, structured cabling and telecommunication systems. The company has executed projects for several high profile clients in the Middle East, including Burj Al Arab, Dubai International Convention Centre, Knowledge Village, Jumeirah Beach Conference Centre, Madinat Jumeirah and Ibn Battuta Shopping Mall. Promedia has regional offices in Doha, Qatar and Riyadh.
Injazat Technology Fund is a US$ 50 million venture capital company established to invest in companies which significantly contribute to the growth and development of the IT and technology sector in the region.
Omnix Media Networks is a leading provider of Professional Audio Visual and Computer Aided Design, Information Technology, Knowledge Management, Networking, Hospitality, Security solutions and products in the Middle East.
