BOSTON--(BUSINESS WIRE)--Eleventh Holding, a Saudi Arabia-based holding company, focused on investing, creating and incubating growth oriented businesses, announced a partnership with Orvito, a Boston-based leading manufacturer of safety, security and automation IoT (Internet of Things) products, to deliver Residential, Hospitality and Enterprise solutions in the Kingdom of Saudi Arabia.
Eleventh Holding partnership with Orvito is focused on accelerating the adoption of IoT in Saudi Arabia. Chaired by HRH Prince Abdulaziz Bin Turki Bin Talal Al Saud, Eleventh Holding is supporting Saudi Arabia’s mission to be a digital and connected economy.
HRH Prince Abdulaziz Bin Turki Bin Talal Al Saud said, “We are investing in making Saudi Arabia a competitive, accessible, and secure market, and we are confident of Orvito’s ability to tailor world-class IoT products to Saudi Arabia’s unique needs”.
Orvito’s key differentiator is its scalable cloud-based Nucleo™ platform, and retrofittable products offering consumers and businesses as much or as little of smart solutions as they would like, drastically reducing the cost and time of installation and eliminating the need for wiring or teardowns.
The IoT Safety, Security and Automation market is expected to be $14.4 trillion in this decade, with markets outside US and Europe representing an increasingly higher share. Orvito Chairman and CEO Satish Vankayalapati said, “This is an exciting partnership that leverages the capabilities of both companies and establishes Orvito as a distinctive player in the Saudi Arabian IoT market. With an initial $30 million projected revenue over next 3 years, Orvito’s foundation for growth in the Middle East has been established. The Middle East, with its rich digital landscape, has the infrastructure required for accelerated adoption of IoT products.”
Eleventh Holding CEO Mustafa Ahmed says: “Over the past year, we have assessed offerings from several companies, and we were convinced that Orvito offers reliable, efficient and easy to deploy smart products and solutions”.
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About Orvito:
Orvito is a leading manufacturer of safety, security and automation IoT (Internet of Things) products. Orvito’s innovative IoT platform Nucleo™ offers safety, security and complete automation solutions for Home, Enterprise, and Hospitality sectors. Its radically simple approach, patent pending technology and retrofittable architecture offer consumers and businesses as much or as little of smart solutions as they would like, drastically reducing the cost and time of installation and eliminating the need for wiring or teardowns.
Headquartered in the Boston area, Orvito operates in North America, Europe, South Asia, Middle East and Africa. For more information, visit orvito.com or follow us on Twitter @OrvitoInc.
Nucleo™ The Orvito Platform, Orvito Smart Switch Panel™, Orvito Smart Hub™, Spindle™ are owned by Orvito, Inc. and its subsidiaries.
About Eleventh Holding:
Eleventh Holding Company is a diversified business group headquartered in Riyadh, Kingdom of Saudi Arabia with a focus on investing, creating and incubating growth oriented businesses in Saudi Arabia and international markets. Under the Chairmanship of HRH Prince Abdulaziz Bin Turki Bin Talal Al Saud, Eleventh Holding is a professionally managed institution with a team of experienced multi-disciplinary professionals focusing on industries where Eleventh Holding has long-term standing relationships and strategic interests. Eleventh Holding partners with a range of growth oriented, multinational businesses providing them with a platform to succeed in Saudi Arabia and other Middle Eastern, African and Asian markets. For more information, visit www.eleventh.com.sa.
