STC Ventures Completes its Investment in Saudi Based Acadox

21 Apr, 2013

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Saudi Telecom Company and Iris Capital (STC Ventures’ Fund Manager)
announced today that STC Ventures Fund has recently concluded the acquisition of a significant minority stake in IT Interactive Software Company (Acadox). Acadox is one of the early startup companies that has recently graduated from the New Ventures & Entrepreneurship Program of King Abdullah University of Science &
Technology (KAUST).

Mr. Teo Uysal, Acting Director of New Ventures & Entrepreneurship at KAUST said: “We are thrilled that STC Ventures, a leading Saudi venture capital fund, partnered with Acadox, one of our first Seed Fund graduates.
The influx of new capital reflects the high potential of Acadox and is a testament to the innovativeness of Acadox’s technology platform, its exciting business potential and the strength of its team. With this new funding and Board representation of STC Ventures, Acadox will be able to accelerate its growth in the education marketplace.”

Mr. Mustafa Nabulsi, Co-Founder and CEO of Acadox said: “The idea started when we saw a need for an efficient tool allowing students to learn on their own terms & timeline. We knew that the traditional course tools are increasingly irrelevant for today’s students and faculty. Acadox aims to be the educational hub for the Middle East providing top notch technologies for faculty and students to manage their academic lives in an easier and more practical way. This service is provided through a web-based platform that facilitates a better learning environment for students and faculties. The company provides extensive services that follow world class standards in terms of hosting, security, scalability, and cloud computing. Our values are to increase
knowledge sharing and an overall better learning experience for all. We are now looking to collaborate with more universities, and to provide our tools to more students and faculties.”

This investment represent STC Ventures first investment since its inception.

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