KnowledgeNet CEO says SAR 64M asset deals to boost growth, maximize value

The recent SAR 64 million deals with the Saudi Technology Fund (STF) are not just asset sales, but a part of a comprehensive strategy aimed at maximizing returns on the company’s software portfolio and generating cash flows to support expansion and innovation plans, he added.

Al-Eidy explained that the deals included the sale of four subsidiaries to the STF.

He stated that the deals represent a strategic step to leverage KnowledgeNet-developed technologies to build mature assets can compete in the local market and are ready for international export, contributing to increasing the Kingdom’s non-oil exports.

The CEO further pointed out that the “Softmore” platform is one of the company’s key pillars created by transforming local technologies into investment-ready assets, indicating that this technology facilitated the creation of companies that generate tangible returns rather than offering mere technical opportunities in the market.

Al-Eidi confirmed that the returns resulting from these operations will appear directly in the profit and loss statement for 2024, which will enhance shareholders’ returns, increase cash flows to support expansion and growth and deliver sustainable returns to improve the company’s market position.

He emphasized that shareholders are the centre of focus, as the company is committed to creating long-term value by investing in innovative technical solutions that yield long-term returns positive results and bolster its competitive edge.

These deals are just the beginning as the company plans to continue investing in developing independent and local technology products that are globally competitive.

KnowledgeNet also seeks to strengthen the Kingdom’s position as a leading destination in the technology and software sector, in line with the goals of Vision 2030, the CEO stated.

Meanwhile, he pointed out that the company, through its expansion in Arab markets, including the GCC countries, Egypt and North Africa, seeks to achieve a sustainable income that positively impacts performance and market capitalization.