First Egypt, then the rest of Africa.
UAE’s CorporateStack, which specialises in Cloud (SaaS), on-premise and mobile software solutions, has put the growing fleet of SMEs in Egypt in its crosshairs with a new Cairo-based office that will see the company establish a base for its sales operations.
The move has been triggered by what the company sees as a huge demand for software solutions by SMEs. According to a CAPMAS report released in January, 2020, there are almost 1.7 million SMEs in Egypt, with a combined workforce of 5.8 million and operating with EGP 77.1 billion.
Following governmental initiatives across all sectors (banking, trading, industrial and construction), the majority of SMEs are now looking for the right partner for their digitisation process,” Mohamed Abdin, Co-Founder and Managing Director for Egypt at CorporateStack, said, adding that this need has been fast-tracked by the pandemic. “It is our country and we have a duty to share our success and bring all the know-how and the experiences we have achieved back to Egypt.”
Beyond viewing Egypt as a potential goldmine, the new office also stands as a strategic move from CorporateStack, which sees this as the first step to moving into other markets throughout Africa.
“We are looking to invest almost 10 million Egyptian pounds in the next two years to boost our operations in the country,” Abdin divulged of the plans. “The new office premises will also serve as a Global Delivery Center for all our products in future apart from having independent sales and marketing operations for Egypt.”
The Egypt office will initially operate with a team of five, according to Abdin, though they will be looking to add an additional 20 personnel within the first few months of operations. By 2022, they hope to have a 100-strong team.
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