House of Development Limited, Jeddah, Kingdom of Saudi Arabia
During 2006, VCBank successfully completed the acquisition of a controlling stake in Saudi-based IT application solutions provider – House of Development (HoD) – in what is considered an important step in the development of much needed venture capital activities in the MENA region.
HoD specializes in providing Document Security Solutions using a unique Electronic Certification & Authentication (EC&A) solution, for which no other technologies exist to address this market segment. The only competition to the HoD solution is an old and cumbersome method, using a manual process. HoD’s solution has many applications for different sectors, such as the banking industry and e-government.
The move is in line with VC Bank’s objective of supporting entrepreneurial small-to-medium enterprises, since the growth capital it will provide will allow HoD to commercialise its products and services worldwide.
After conducting the commercial, legal and financial due diligence, VC Bank decided to invest in HoD to finance its expansion into global markets. HoD helps to combat the growing dangers of document fraud and identity thefts through its unique patented technologies. This represents a market niche where the company has huge potential as internet-based transactions become increasingly vital to global business.
HoD’s products are already used in the region. Significantly, it was contracted in october 2003 by the Council of the Saudi Chambers of Commerce and Industry to develop a secure solution for its member chambers across the Kingdom.
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During 2006, VCBank successfully completed the acquisition of a controlling stake in Saudi-based IT application solutions provider – House of Development (HoD) – in what is considered an important step in the development of much needed venture capital activities in the MENA region.
HoD specializes in providing Document Security Solutions using a unique Electronic Certification & Authentication (EC&A) solution, for which no other technologies exist to address this market segment. The only competition to the HoD solution is an old and cumbersome method, using a manual process. HoD’s solution has many applications for different sectors, such as the banking industry and e-government.
The move is in line with VC Bank’s objective of supporting entrepreneurial small-to-medium enterprises, since the growth capital it will provide will allow HoD to commercialise its products and services worldwide.
After conducting the commercial, legal and financial due diligence, VC Bank decided to invest in HoD to finance its expansion into global markets. HoD helps to combat the growing dangers of document fraud and identity thefts through its unique patented technologies. This represents a market niche where the company has huge potential as internet-based transactions become increasingly vital to global business.
HoD’s products are already used in the region. Significantly, it was contracted in october 2003 by the Council of the Saudi Chambers of Commerce and Industry to develop a secure solution for its member chambers across the Kingdom.
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