Riyad Taqnia Fund (RTF) has acquired a stake in tech solutions firm Sure Technology, the two companies said in a joint statement on Thursday.

 

Details on the size of the stake or the deal’s value were not disclosed.

 

“The new partnership will help the company expand its existing customer base, products and services locally and regionally,” Mohammed Alshaalan, CEO of Sure, said in the statement.

 

The investment by RTF comes as Sure is working on plans to align with Saudi Arabia’s Vision 2030 goals of digital transformation and the localization of the IT industry, he added.

 

“This investment is an extension to RTF’s portfolio of investments in distinguished technology companies with ambitious expansion plans,” said Adel Al Ateeq, deputy CEO of Riyad Capital.

 

RTF is a Saudi Arabia-based venture capital fund founded by Riyad Capital and Taqnia.

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