MANAMA: Venture Capital Bank along with two other investors has acquired a 79 per cent stake in a Middle East software company.

Along with EuroMena Fund, a private equity fund dedicated to the Middle East and North Africa (Mena), and Proparco, the private sector financing arm of the French Development Agency, it has taken the stake in ITWorx, a global software services organisation headquartered in Cairo and with offices in the US, Saudi Arabia and UAE.

The acquisition will be a catalyst to fuel the expansion of the company's global footprint as well as its internal development.

The Egypt-based software company will be adding to its current US and European operations by implementing plans to add staff, creating new opportunities for talent in Egypt, the GCC, where recent office expansions have occurred, and other markets where ITWorx operates.

ITWorx will also expand and enhance its services, as well as explore new markets.

"ITWorx will continue to provide high-quality service and products while it consistently raises the bar on best practice," said Venture Capital Bank chief investment officer - private equity and financial advisory services, Sharif Monfaradi.

"ITWorx provides growth and innovation for its clients and represents a valuable addition to our co-managed Mena Small & Medium Enterprises Fund," he said.