Foundation and Milestones
Market necessity with reliability and commitment led to outstanding robust growth of KnowledgeNet
Just over twenty years ago (Founded 1999), KnowledgeNet was born out of the frustration of two bankers who had become tired of the bureaucratic obstacles of working in a large organization. Banks at that time had yet to embrace technology beyond efficiency-seeking initiatives.
During the early years, KnowledgeNet realized many gaps in the market but had yet to identify the niche that would allow it to fulfill its vision and potential. Spending the first couple of years experimenting with various solutions and services for banks, the company was stretched.
This quest soon resulted in landing the first customer for the company and the momentum picked up with expansions in the UAE, Qatar, Kuwait, Oman, Lebanon and Egypt. The uphill curve continued until the financial crisis in 2008.
KnowledgeNet, still cash-rich thanks to healthy growth years preceding the financial crisis, found itself at another decision point. This was the first critical juncture that affected each and every one of its customers.
The answer was an immediate diversification of the product offering, with a focus on efficiency and performance optimization. But before long, starting 2011, regional political unrest overshadowed customers' plans as well as employees' personal lives.
KnowledgeNet needed to engage in a very delicate balance of investment and return while ensuring customer's objectives and employees concerns were well handled. It was vital to maintain a healthy growth pattern.
In 2015, KnowledgeNet embarked on its biggest strategy development plan to date, to position itself as the vendor of choice for critical software in financial services in the whole region. The result of the plan was the creation of a cutting-edge critical software product tool, SoftMore, that was to be used to build all new software products, as well as to migrate and incorporate existing solutions.
The idea was to enable the company to produce significant software in a very short time, using less sophisticated technical resources. This was a challenging and risky undertaking, but it was a must in light of the shortage of IT resources KnowledgeNet anticipated as being inevitable, from its reading of the market, both locally and internationally.
Starting in 2018 the company expanded
its reach to include Fintechs as the new
contenders to the incumbent financial
sector player. Several initiatives and
engagement models were introduced to
expand KnowledgeNet's footprint in the market.
In 2020, KnowledgeNet shareholders decided
offer the company for the public
listing in order to fuel the company's
largest expansion plan.