SolarWinds Plans Riyadh Office In 2025, Citing Growing Tech Investment

SolarWinds Corp (NYSE:SWI) is eyeing a new office in Saudi Arabia’s Riyadh in 2025, citing its requirements for sophisticated technology and investment rates.

The enterprise software developer reported double-digit growth annually since it opened an office in Dubai in 2022, Bloomberg cited from an interview with CEO Sudhakar Ramakrishna.

The company is also evaluating moving its headquarters for Europe, the Middle East and Africa from Cork, Ireland, to its Dubai office.

Also Read: Nvidia, AMD Face Chip Export Curbs, As Biden Administration Considers Restrictions On Middle-East Countries, Others: Report

Saudi Arabia is vying for foreign investors to accomplish Crown Prince Mohammed bin Salman’s goal of diversifying the economy away from oil.

Prior reports indicated the U.S. and Saudi Arabia are nearing a historic agreement that includes security guarantees and a path to diplomatic ties with Israel. Saudi Arabia’s growing demand for semiconductors and data centers was a key factor driving the potential deal.

SolarWinds reported a fiscal second-quarter 2024 topline growth of 4% to $193.3 million, beating the analyst consensus of $188.7 million. It expects third-quarter revenue of $191 million — $196 million, above the consensus estimate of $188.67 million.

The stock gained 37% in the past 12 months. On Sept. 13, Scotiabank analyst Patrick Colville initiated coverage on SolarWinds with a Sector Perform rating and a price target of $13.

SWI Price Action: SolarWinds stock is up 0.39% at $12.92 at publication Thursday.

Also Read:

• Wipro Q2 Earnings: IT Services Revenue Decline 2%, Proposes 1:1 Stock Bonus