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 Prince Abdulaziz Bin Turki Bin Talal Al Saud, Eleventh Holding is supporting Saudi Arabia's mission to be a digital and connected economy. 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 said: “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.” — SG
