Zain buys majority stake in
local digital provider FOO
Plans for regional expansion, senior staffing
The Kuwait-based telecom operator Zain Group has acquired a majority stake in FOO, a local mobile app developer and digital service provider.
FOO plans to open offices in Kuwait, the United Arab Emirates, and Saudi Arabia over the coming two years, in order to serve its local clients, said Managing Partner, Elie Nasr.
The company will keep its headquarters in Lebanon.
Nasr said they are recruiting senior managers, in order to be able to handle the growth triggered by the acquisition.
Zain has now become the major shareholder in FOO. The other shareholders are cofounders Nasr and Ghady Rayess who hold equal stakes.
Zain said: “The partnership with FOO builds on the establishment of the Zain Digital Frontier and Innovation (ZDFI) business unit, which is charged with launching Zain into the digital space.” ZDFI focuses on innovation, digital services, corporate venturing, and smart cities.
Established in 2009, FOO provides services related to front- and backend mobile applications, such as digital strategy consultancy, user interface and experience (UI-UX) design, app and web development, backend systems development, quality assurance, and data reporting and analytics. The company has recently narrowed its focus on some sectors like telecom, banking, retail, and healthcare.
Zain, which manages the ‘touch’ mobile network on behalf of the Lebanese Government, provides mobile voice and data services to over 45.6 million active customers across the Middle East and Africa.
Reported by Shikrallah Nakhoul
Date Posted: Mar 01, 2016