Saudi HR behemoth Maharah acquires a strategic stake in artificial intelligence recruitment platform BLOOVO to fuel its expansion and build-on its technology
BLOOVO, a regional fast-growing online recruitment platform that uses intelligent algorithms, announced today the entry of the Saudi-based Maharah Human Resources Company as a strategic shareholder to help in regional and international expansion as well as technology development. The blockbuster acquisition creates a regional HR giant that challenges international HR players operating in the MENA region and paves the way for international expansion for the two players.
Yousef Alghafari, Maharah’s Chief Executive Officer commented on this acquisition saying: “being one the largest human resources companies in the entire MENA region, this acquisition marks the beginning of a new era for Maharah in terms of penetrating the fast-paced HR Tech industry, and online recruitment constitutes a natural extension to Maharah’s offering and strategic direction, which supports achieving different future initiatives that Maharah is pursuing such as nationalization programs; and BLOOVO with its innovative online offerings fits very well our overall strategy”.
Alghafari also added that this acquisition came to support achieving Maharah’s strategic objectives as Maharah has been actively looking for business opportunities that serve its strategy. Both companies have great plans and business aspirations in order to enhance BLOOVO’s online platform in the Gulf region and implement some initiatives that are aligned with Maharah’s strategy such as developing a strong database of professionals and supporting Maharah’s recruitment process.
Ahmad Khamis, the Co-founder and CEO of BLOOVO commented on this partnership by saying: “we are pleased to have Maharah as a strategic and value-adding partner in BLOOVO, and we are confident that Maharah will contribute significantly to BLOOVO’s development and will help accelerate its growth across the GCC region over the next two years with a focus on Saudi Arabia, after which international expansion becomes the objective”.
Ammar Al Khushashi, the Co-founder and Managing Partner of Noble Partners, which is a niche regional private equity manager, commented on the transaction: “The MENA region remains an attractive investment destination given its solid economic fundamentals, in addition to the commitment of GCC governments to invest in technology in order to boost its economies, diversify its revenue streams away from oil, and attract talent to the region. Being one of the early shareholders and supporters to BLOOVO, Noble Partners has also advised both parties on the transaction, where synergies would be created between both Maharah and BLOOVO to build a full-fledged HR powerhouse in the MENA region. We are confident that this strategic partnership with Maharah will accelerate the growth of BLOOVO to become a vital player in the regional recruitment industry, positioning it at the forefront of HR technology. We remain committed to the growth of BLOOVO internationally and further to take it public on one of the international markets in line with its vision”.
BLOOVO, which uses AI and machine learning in the recruitment process, has grown rapidly over the past 3 years with bigger plans to solidify its market presence, strengthen its team and grab a larger market share in the recruitment industry. BLOOVO is continually gaining momentum, rapidly growing its employers’ base to over 2,000 employers from UAE, Saudi Arabia and Kuwait. BLOOVO has won several accolades as one of the most promising Startups in the Arab World and Middle East in 2017 and 2018 by Forbes, and also was named as the best Startup in the UAE for 2017 by FinanceME.
BLOOVO, which has already acquired a big market share in UAE and Kuwait, plans to aggressively expand in Saudi Arabia through this partnership, and set up offices all over the MENA region as well as in selective strategic international markets creating the first Arab-born international recruitment platform. Furthermore, BLOOVO is in the process of setting up its dedicated technology lab, which will fast-track its technology innovation and development to continue differentiating itself from the competition.