Monstarlab, a Tokyo-based digital consultancy and software development company, will invest $10 million in the Middle East and North Africa region over the next five years as it seeks to build technology capabilities in the region, the company said.
Backed by the Japanese government’s $30m fund, Monstarlab will also invest in forging strategic partnerships and look for mergers and acquisitions in key markets including the UAE and Saudi Arabia.
“Our goal is to empower talent through the use of pioneering technology, innovation and engineering,” Hiroki Inagawa, Monstarlab’s global chief executive, said.
“The Mena region is one of the leading global markets for digital transformation.”
The Covid-19 pandemic has accelerated the pace of digital transformation across the region, driving demand for new technologies such as contactless services, cloud solutions and collaboration applications.
The overall information technology spending across the Middle East, Turkey and Africa is expected to grow 2.8 per cent to $77.5 billion this year, according to International Data Corporation. It contracted 4.9 per cent on an annualised basis last year.
Monstarlab, which was earlier known as Nodes, rebranded its brand identity in February. It has 25 global offices and employs 1,200 people.
Founded in 2006, the company has been active in the Mena region for more than past two years. Some of its clients include Mashreq Bank, Careem, Kerzner International, Shake Shack and SoftBank.
The investment in the Middle East is part of the company’s “commitment to the regional market with a focus on developing advanced capabilities and creating job opportunities for technology talent”, Monstarlab said.
“Developing regional talent will be a key focus of ours, as we work towards supporting localisation and nationalisation of skills and capabilities. We are proud to announce this investment and commitment to the region and look forward to developing long-term partnerships,” Mr Inagawa said.
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