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03 October 2023

Majitek and Cisco in utility services deal

By Staff Writer

Cisco Systems will now be able to provide utility services to the real estate industry following its recent partnership with Australia-based Majitek.

Majitek, the provider of software platforms, completed a $7.5 million (Dh27.55m) round of equity funding with IT networking vendor Cisco Systems, to its share register. Also participating in the round is Majitek's current investor, Pierce & Pierce.

This global investment agreement will allow the company to meet the needs of the connected real estate market. The Majitek software platform enables any device or system connected to a network to be accessed on a pay per use basis. With cloud computing it will enable devices and systems to offer utility services. The funds will also be used to expand Majitek's international operations, including opening a permanent office in Dubai to work with the real estate industry customers and partners in the Middle East and other emerging markets across the world.

Majitek also expects to work with Cisco's Globalisation Centre East based in Bangalore, India, to develop a software platform that will enable the creation and delivery of services for the real estate industry and other sectors including transportation, smart-grid and safety and security. This platform will serve as an enabler to 'Intelligent Urbanisation', realising the 'city-as-a-service' vision in emerging markets.

Newly-appointed Majitek CEO, Bernie Devine, said: "We are very confident that Cisco's investment and its increased involvement with Majitek will result in a solution that empowers real estate companies to engage customers in new and innovative ways."