Riyadh – Mubasher: Hamza Abusitta, Co-Founder and CEO of Reachware, revealed to Mubasher.info during the 24 Fintech event that the company was established in 2021 with the main objective to simplify the digital transformation process instead of being a complex transaction for medium and big companies.
Abusitta said: “We aim to elevate quality and the level of technology in Saudi Arabia for all the companies operating in the Kingdom in addition to our partners inside the country and abroad.”
The Co-Founder added that Reachware is also focused on linking and automating transactions among systems while making it easy to transfer data in an accurate, smooth way to empower the targeted companies to link their systems easily through our products; Studio, connect, and Fatoora.
Abusitta added: “We further have a new product aiming to extract and boost all data values to showcase them to the executive and board teams to easily have a wider overview at all transactions.”
The company obtained the Made in Saudi program two months ago, hoping to be a working hand in the digital transformation process in Saudi Arabia.
The CEO highlighted: “We are pleased that we got to participate in 24 Fintech, which made its debut in Saudi Arabia, and several companies showed interest in our products to implement the required connection with e-payment portals, banks, and financial institutions, in addition to automating financial transactions with the complex systems of ARPs like Oracle, SAP, and others, and introducing data in a very simple way for financial entities and officials.”
The company also seeks to promote Saudi Arabia as a global country that is among the top in swift digital transformation. The official noted: “Our product contributes to the digital transformation in the Kingdom and has proven its ability to raise digital efficiency in authorities, organisations, and companies in line with the objectives of the Saudi Vision 2030 to boost the economic level and its diversity by endorsing and manufacturing local products and exporting them with the latest means of technology.”
Reachware in Numbers
Abusitta unveiled that the company achieved more than SAR 5 million, equivalent to $1.70 million annual recurring revenue (ARR) of annual subscriptions.
It has more than 50 employees and is currently serving 300 clients in addition to succeeding in linking above 250 systems and data transfer transactions that were carried out within the platform.
Furthermore, Reachware has more than 4,000 subscriptions on the cloud.
It is an emerging company that has closed a $3 million investment round two weeks ago, in August 2024.
