Alternative asset manager Investcorp Holdings is currently exploring the sale of NourNet, an information technology firm based in Saudi Arabia. This comes as investor appetite for such assets in the kingdom grows. Investcorp is working with HSBC Holdings Plc to facilitate a potential sale of NourNet. Discussions are ongoing, and a final decision has not yet been reached.
Investcorp, an alternative asset management investment company headquartered in Manama, Bahrain, acquired a controlling stake in NourNet in 2022. NourNet, one of Saudi Arabia's largest IT providers, offers services in cloud computing, cybersecurity, and data center management. Its clientele includes major tech companies such as Microsoft, AWS, and Oracle. NourNet's triple-tier data center, located in Riyadh, is described as the first carrier-neutral data center in Saudi Arabia, boasting a capacity of 450 racks and hosting thousands of public and private sector clients.
The potential sale of NourNet aligns with a general trend of increasing transaction activity in Saudi Arabia, with the kingdom becoming a significant destination for share buybacks, accounting for nearly half of all regional transactions. Investor interest in the technology sector is also evident in public markets, with Rasan Information Technology Co. and United International Holding Co. holding share placements in 2024. Additionally, IT companies like Tabby, Emkan Finance Co., and Tamweel Al Oula Co. are reportedly planning IPOs in 2025.
