Saudi Telecom Company acquires a significant minority stake of King Abdullah University of Science and Technology (KAUST) IT start-up Acadox.
The Saudi Telecom Company (STC) has acquired a significant minority stake of IT start-up Acadox, a recent graduate of King Abdullah University of Science and Technology’s (KAUST) New Ventures and Entrepreneurship Programme.
The communications firm bought the stake through its venture unit STC Ventures, which looks to invest in small-to-medium enterprises in the telecommunications and IT sectors.
Saudi-based Acadox, which has received seed funding from KAUST, aims to provide interactive educational software.
Mustafa Nabulsi, co-founder and chief executive 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.”
He added: “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.”