Data Gumbo is celebrating the launch of its new office in Khobar, Saudi Arabia. The launch is intended to accelerate the use of the company’s smart contract network in the region.
“The Kingdom of Saudi Arabia and broader Middle East present outstanding opportunities for our company. We are committed to putting down roots, and to the long-term growth of a Data Gumbo workforce in the Kingdom and beyond,” CEO Andrew Bruce, said. “Establishing a regional office provides companies in the Greater Middle East with increased access to our smart contract network, GumboNet.”
Fueled by GumboNet, the company operates a platform for customers, suppliers and vendors offering transaction validations using live senior level and field data to streamline operations, reduce transaction costs and shorten payment cycles, according to a recent press release.
In addition to solidifying its local operations with potential contract network adoption opportunities, Data Gumbo also plans to pick up demands deriving from the rise in activity with recognized industrial enterprises worldwide, the new location is projected to further drive the company’s global record growth.
“The more the network grows, the more value it delivers to local and global members, as well as investors,” Bruce said. “We look forward to expanding our presence to best support demand and set the standard for how industrial organizations do business by guaranteeing transactional certainty in commercial relationships.”
The system has now been made available to the Middle East energy market, which holds an estimated worth of $652 billion, with Mohamed Ibrahim Marzouk recently appointed to be at the forefront of the expansion as Data Gumbo’s Saudi Arabia Country Manager. With more than 25 years of business development leadership experience under his belt, he will take on all aspects of the company’s regional operations.
The expansion follows a $7.7 million in Series B funding deal sealed by Data Gumbo and Saudi Aramco Energy Ventures in August last year, the press release stated. The company has reaped a generous fruit from the funding, developing “automated invoicing and payments in additional use cases and verticals.”
Over the last year, the company was named the 2021 Oil and Gas Start Up Company of the Year, and has achieved a 550% ARR growth, the completion of 13 global industrial enterprise implementations and six industry associations.