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Through its newly launched fund the Amethis MENA Fund II (AMF2), Amethis has completed its second transaction acquiring an undisclosed minority stake in Tarjama , a leading language technology solutions firm in MENA.
Founded in 2008 by Jordanian entrepreneur Nour Al Hassan, Tarjama is the leading language technology & services provider in the MENA region, meeting the language and localization needs of a wide roster of corporates across the region’s largest markets. The company has developed proprietary language technology products including a best-in-class Arabic-focused machine translation engine as well as Cleverso, its high-performing translation management system.
It has been exciting to witness MENA-based IT Solutions startups and Enterprise Software solutions providers emerge with new technologies and acquire the growth capital needed to scale their operations. Over this year, MENA-based IT solutions startups observed a 580% YoY growth in Q3 2021, from raising only $30M by Q3 2020 to more than $200M by Q3 2021. Most interestingly, we’ve noticed a staggering investor appetite for communication platforms, especially ones powered by AI or designed with a special focus on the Arabic language. In this regard, startups like KSA-based Unifonic, pioneering in cloud communications raised Saudi’s first Mega round this year, while Jordan-based Xina AI raised a $1M SEED round to fuel its exploration of Arabic virtual assistance.
Tarjama has quickly grown to dominate the localization market in the MENA region through its proprietary line-up of innovative language solutions custom-built for the Arabic language. With a mission to help companies realize their potential for global growth, Tarjama designs and offers language solutions that meet international standards of quality, speed, and cost-efficiency. Nour Al Hassan, Tarjama Founder & CEO, stated: “This investment by Amethis creates an exceptional opportunity for us to build up our technological capabilities and securely position Tarjama as the leader in language AI across the region. We’re eager for this next phase of growth where we’ll significantly develop our current product portfolio, create new customer-focused products, and expand our presence to global markets.”
With a growing presence in the MENA region, Tarjama offers an end-to-end range of AI-powered language services including translation, localization, interpretation, content creation, transcription, subtitling, and strategic advisory. Toufic Khoueiry who led the transaction for Amethis commented “Our investment in Tarjama exemplifies our strategy of backing exceptional and growth-focused entrepreneurs operating successfully in fast-growing sectors. We are excited to support Nour Al Hassan and the Tarjama team as the company embarks on its next chapter.”
The latest investment in Tarjama will support the company in realizing its AI technology roadmap and in executing ambitious organic and inorganic growth strategies across the region’s main markets. Laurent Demey, Amethis Founding Partner, concluded “By investing in Tarjama, Amethis is proud to be backing not only a market leader in the attractive MENA localization market but also a high-growth women-led SME that has already achieved gender parity.”
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