05 Oct, 2023
Merak’s investment strategy is anchored in recognizing and harnessing the technological potential within Saudi Arabia and the broader MENA region. By conducting rigorous market research, our investments are selected to match the constantly evolving sectoral adoption cycles, with Jisr standing as a prime example.
Founded by Mohammed Akkar Aljohi, Jisr is a Software as a Service (SaaS) HR solution, tailored to the local demands of the Saudi Arabian market. By efficiently handling core HR functions and ensuring rigorous compliance with the Saudi Labor Law, Jisr has established itself as an essential platform for businesses in the Kingdom. The platform is the first to integrate with Mudad for payroll compliance and continues to be a pioneer in both government and private sector integrations that proved essential for SMEs in Saudi Arabia for managing banking operations, labor visas, insurance coverage, and many more business activities.
The growth of SMEs in Saudi Arabia paints a vivid picture of the potential that lies ahead. In 2022, the Kingdom housed 1.12 million SMEs, a figure projected to catapult to 3.35 million by 2030, spurred by Vision 2030’s objectives. With this rapid growth, pegged at a CAGR of 18.81%, emerges a surging demand for adept workforce management solutions.
Catering to over 3,000 clients and overseeing an annual payroll exceeding SAR 10 billion, Jisr leads the sector with a majority in market share. Furthermore, the platform is exhibiting more than 100% year-over-year growth within a market valued at SAR 6.8 billion, coupled with a 16.7% CAGR, which affirms Jisr’s steady ascent. Moreover, the company’s partnerships with multiple local entities from the public and private sectors enhance its market agility and overall offering.
The ever-evolving business landscape necessitates tools that can adapt and scale. Jisr’s commitment to innovation and keen understanding of the local market dynamics positions it well for future challenges and opportunities. Its ongoing efforts to refine and adapt based on real-world feedback ensure that established and emerging businesses continue to view it as a trusted partner.
Beyond the immediate implications, Merak’s investment in Jisr is emblematic of our belief in the Kingdom’s digital transformation. As sectors modernize and processes digitize, tools like Jisr will be indispensable in ensuring businesses remain efficient, compliant, and agile.
Our partnership with Jisr is a testament to Merak’s forward-thinking philosophy, championing top-tier technology solutions. With its current trajectory and potential, we are confident that Jisr is well-poised to maintain its leadership position as a market pioneer, led by an innovative founder capable of establishing homegrown, localized SaaS solutions that operate at a global level.