Softbank makes first Saudi deal; ties up with wealth fund

Softbank Group has made its first investment in a company based in Saudi Arabia, leading a $125 million financing for customer communication platform Unifonic. Sanabil, wholly owned by the kingdom’s Public Investment Fund, co-led the round. Proceeds will be used to fund growth in the Middle East and expansion into Asia and Africa, Unifonic co-founder and Chief Executive Officer Ahmed Hamdan said in an interview. The company will also look at acquisitions in those regions to help it expand faster, he said.