Saudi Energy acquires stake in Kraken Tech, forms joint venture in Riyadh

Logo of Saudi Energy Co.

Saudi Energy Co. signed a definitive agreement to establish a strategic partnership with Kraken Technologies Ltd., a global company specializing in AI-powered digital operations solutions for the utilities sector.

The deal includes the creation of a joint venture based in Riyadh, as well as Saudi Energy’s acquisition of a minority stake in Kraken Technologies.

According to the Saudi Press Agency (SPA), the partnership aims to support Saudi Energy’s AI-driven digital innovation strategy and to develop advanced operating platforms for the energy and utilities sectors.

This is expected to improve operational efficiency, enhance organizational resilience, and support sustainable growth.

The joint venture will serve as the exclusive distributor of Kraken Tech’s operating platform in the Middle East and North Africa (MENA) region.

It will focus on building advanced regional capabilities, creating high-quality job opportunities in the energy and digital technology sectors, and accelerating digital transformation in the energy sector.

The agreements also include Saudi Energy’s acquisition of a minority stake in Kraken Tech.

This further strengthens strategic alignment between both parties to develop digital solutions and build regional commercial capabilities aligned with the Kingdom’s digital and economic objectives.

Kraken Tech’s platform is a cloud-based, AI-powered integrated operating system designed specifically for utilities companies.

It is used by major global energy firms to manage end-to-end digital operations, including customer experience, billing, service management, data analytics, and smart systems.

The platform currently supports more than 70 million customer accounts worldwide and operates in more than 27 countries.