Saudi entrepreneur invests in digital transformation firm

The Finland-headquartered IT and cybersecurity consultancy Oivan has announced the completion of a SR9 million ($2.4 million) growth funding round led by Saudi entrepreneur Bader Othman Alabduljabbar and Finnish tech investor TCG, in addition to the participation of several Oivan employees, joining as new shareholders of the company.

Oivan expects its team to grow from 160 experts in 2021 to more than 250 experts in 2022. The company’s service catalog ranges from design, web, and mobile development to cybersecurity consultation and mission-critical operations teams. Since 1998, Oivan’s operations team has managed critical components of the internet infrastructure in Saudi Arabia.

Oivan has strong Nordic roots and regional offices in Saudi Arabia, the UAE, Thailand and Vietnam. The company operates with its proprietary enhanced distributed teams, in short, the EDT model.

Oivan’s CEO Rami Korhonen said: “We started Oivan with the idea that by bringing together technology and design talent from around the world, we can solve some of our clients’ biggest challenges and become a digital force for good.”

He added: “Today, our clients, such as the National Housing Company in Saudi Arabia, use Oivan to develop national e-services with the EDT model. Ten to 15 percent of our senior experts work onsite at the client location, while 85-90 percent of our production experts work at our international offices. The Sakani platform we developed in cooperation with the NHC has helped over 400,000 families find and buy government-subsidized homes in the past four years. Furthermore, the Ejar rental agreements platform we developed in partnership with the NHC has digitally processed millions of rental agreements.”

Rasmus Roiha, chairman of Oivan, said: “Being able to grow profitably throughout 2020-2021 is a testament to the tremendous talent and drive we have at Oivan. Getting the investment from our trusted business partner Bader allows us to take on even larger opportunities for our clientele’s benefit.”

The company expects its revenue to grow by more than 30 percent annually in 2022 and is actively hiring new talent to join its international team of over 20 nationalities.

“I have cooperated with Oivan since 2020 and been amazed by the skill and commitment the company has shown in serving its clients — the National Housing Company, Communications and Information Technology Commission, and Digital Governance Authority. The opportunity to bring Nordic quality digital transformation and cybersecurity expertise to Saudi Arabia is enormous, and I am delighted to be a shareholder and a close partner in the company’s future growth,” said Alabduljabbar.

CEO Korhonen added: “We are proud of having continuously played a part in Saudi Arabia’s digital transformation journey since the launch of public Internet in the Kingdom in 1998. This year we opened our Riyadh office and hired many highly skilled Saudi men and women to expand our local capabilities. We look forward to being the trusted digital transformation and cybersecurity partner for both public sector and private sector organizations in Saudi Arabia on their journey to reach the Kingdom’s Vision 2030 goals.”