KSA-Based Maharah Acquires A Strategic Stake In UAE's HR Tech Startup Bloovo
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Bloovo, one of UAE’s algorithm-based online recruitment platforms, has brought Saudi-based Maharah Human Resources Company on board as a strategic shareholder.
The partnership is expected to help accelerate Bloovo’s growth across the GCC region over the next two years, with a special focus on Saudi Arabia, after which the team will pursue international expansion.
Founded in 2016, the AI and machine learning-enabled Bloovo platform has amassed a database of over 5,000 employers from UAE, Saudi Arabia and Kuwait.
Yousef Alghafari, Maharah’s Chief Executive Officer, explained that the acquisition would enable the implementation of new initiatives that are aligned with Maharah’s strategy, such as developing a strong database of professionals and supporting Maharah’s recruitment process.
“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,” Alghafari added. “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.”
Last year, Bloovo closed a US$3 million funding round, which was led by GCC-focused private equity firm Noble Partners with participation from ProCapita from Kuwait, Oman’s Mohamad Moosa Abdulrahman Investment office, Al Serkal and Al Shafar from the UAE, among others.
Having acquired a big market share in the UAE and Kuwait, Bloovo now plans not only to aggressively expand in Saudi Arabia, but to set up offices all over the MENA region as well as in selective strategic international markets. Furthermore, it 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.