CEQUENS’ business volume hits EGP 4B annually
Updated 1/29/2024 2:36:00 PM
Arab Finance: The global communication solutions provider CEQUENS unveiled that its business volume amounts to EGP 4 billion annually, according to an emailed press release.
"Since our launch in 2011, we have created 270 job opportunities in the region with a focus on Egypt, fostering employment and skill development,” Karim Khorshed, Co-founder and CEO of CEQUENS, commented.
“Additionally, over 70% of CEQUENS' experienced leadership team is Egyptian. We could not be prouder of the role we have played in the communications field and our contribution to Egypt’s national growth agenda,” Khorshed stated.
Moreover, Khorshed told Asharq Business that CEQUENS is planning to raise $30 to $40 million in its first funding round via increasing its capital without the exit of any investor.
Expected to be concluded this year, the funding round will target international financing institutions and technology specialists to collect up to $40 million to develop the company’s software and systems, Khorshed noted.
The company is also eying expansion in South Africa, Nigeria, Kenya, and Western Europe, he added.
He also said that the company aims for achieving the same revenues of last year, amounting to around EGP 4 billion, to bring its value to $1 billion in the coming four years.
Proceeds from the funding round will be used to increase the firm’s capital and further expand in Saudi Arabia, Egypt, Europe, and Africa, Khorshed said.
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