Software AG, a Germany-based world leader in enterprise software and solutions, has inked partnership agreements with two Iranian IT (Information Technology) firms, a report said.
Software AG has signed cooperation documents with two local partners in Iran, including TÜV Nord, in an attempt to reclaim its previous position in Iran’s lucrative market.
“Software AG has had a successful history of supplying software licenses to banks, petrochemical companies, and government organizations in Iran prior to the UN restrictions imposed in 2006," a statement by the German firm said on Sunday, Zawya reported.
It added, “Following the lifting of the trade embargo, we aim to work with established and capable partners who can help us start off work from where we left. We are confident that our current partnership deals will immensely benefit Software AG in re-establishing itself in a much stronger position than before in the Iranian market.”
According to the World Bank, Iran’s gross domestic product (GDP) is predicted to grow by 6 percent in 2016 and 7 percent in 2017. Increased IT spending, an expanding rate of mobile penetration and the easing of economic sanctions will give a major boost to Iran's domestic IT services market, enabling it to reach $2.8 billion by 2020.
Anti-Tehran sanctions were lifted after Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14, 2015 reached an agreement on the Islamic Republic's peaceful nuclear program and started implementing it on January 16.