As Innosoft approaches its 10-year anniversary, the company is gaining momentum. The e-service websites it has built for Saudi governmental and other public-sector clients over the last decade handled approximately 730 million interactions with Saudi consumers in 2020.
Innosoft is generating annual sales in the double-digit millions of SAR, and by 2023, the company is aiming to top 100 million SAR, Loai said.
In July and August, Innosoft will move from its offices in Al Khobar’s Olaya district to the Business Quarter, a new corporate campus in Dammam where it will have four times the space.
Loai is reorganizing and rebranding Innosoft to expand beyond web services into health care and start-up financing. He’s created a new holding group called 42 to oversee the Innosoft business, to be called Solutions by 42, as well as new ventures in start-up acceleration and health care.
In three years, Loai wants to take the group public in an IPO.
As his business grows, Loai is focusing on R&D to develop new products to grow his business.
“In five to 10 years, I want my company to be considered one of the most advanced tech companies in terms of new patents and technologies in the Kingdom,” said Loai.
He said he’s already working on a plan.