Code & Co.

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Engagement — Platform Due Diligence

Code & Co. provides Tech & Product Due Diligence to Investcorp ahead of its investment in NourNet

Saudi Arabia’s Vision 2030 aims to accelerate digital transformation across industries, contributing to the country having one of the fastest-growing cloud computing adoption rates in the Middle East. Nour Internet for Communication and Information Technology Company (NourNet) has supported this transformation, opening the kingdom’s first carrier-neutral data center, as well as providing managed services, cloud infrastructure and connectivity solutions.

Investcorp has acquired a majority stake in NourNet, the second investment from its Saudi Pre-IPO Growth Fund. The investment will enable the company to expand its service offering and its geographic footprint organically as well as through acquisitions.

NourNet was established in 1998 in Saudi Arabia as an internet service provider to B2B clients and has gradually expanded its technical and personnel capabilities to offer value-added ICT services, including cloud, managed IT services, security/cybersecurity, and data center management. It has more than 450 employees serving a client base of more than 2,000 businesses across 30 cities in the kingdom.

“Digital transformation is rapidly accelerating in Saudi Arabia, and NourNet is well placed to help its corporate and government clients adapt and achieve their Vision 2030 goals. In partnership with Investcorp, its full suite of connectivity and ICT services mean NourNet will become an essential building block in the kingdom’s digitization plans,” says Lukas Ingelheim, co-founder of Code & Co.

Scope of Work

Code & Co. provided Tech & Product Due Diligence to Investcorp ahead of its acquisition of NourNet, assessing the target's cloud architecture, cyber security capabilities, managed services, and customer onboarding processes. The Tech & Product Due Diligence also included an assessment of NourNet’s modern DevOps pratices and tooling, the technology stack, as well as the team structure and scalability.

Supporting Investcorp in this acquisition underlines Code & Co.’s position as a leading Technology and Product Due Diligence provider on private equity and growth equity deals in the MENA region.

About NourNet

NourNet is the leading Digital Transformation Enabler in KSA serving over 2000+ corporate clients with a diverse range of digital services. NourNet takes on a carrier-neutral, vendor-agnostic, and client-centric approach. Managing 3 carrier-neutral data centers across the Kingdom to provide support to a host of clients belonging to the public and private sectors.

NourNet started its journey in 1998 as an ISP to deliver premium Internet services to the Saudi market, since then, the company had a vision to transform the market and become the leading converged ICT service provider in Saudi Arabia. Today, it is revolutionizing the market with disruptive digital transformation services, driving and empowering its customers across the Kingdom to meet Vision 2030 goals.

About Investcorp

Investcorp is a global investment manager, specializing in alternative investments across private equity, real estate, credit, absolute return strategies, GP stakes, infrastructure and insurance asset management. Investcorp has today 13 offices across the US, Europe, GCC and Asia, including India, China and Singapore. As of March 31, 2022, Investcorp Group had US $41.2 billion in total AUM, including assets managed by third party managers, and employed approximately 460 people from 46 nationalities globally across its offices.

About Code & Co.

Code & Co. is an independent advisory firm that specializes in providing modern, actionable Tech & Product Due Diligence for the global alternative investment industry. Our expertise uncovers risks that threaten asset value and opportunities to accelerate growth.