EQS-News: beaconsmind AG strengthens market position in the Middle East: beaconsmind's LBM solution to have a significant contribution towards Saudi Arabia's “Vision 2030”

beaconsmind AG strengthens market position in the Middle East: beaconsmind's LBM solution to have a significant contribution towards Saudi Arabia's “Vision 2030”

• Extensive cooperation with BIAC, the Saudi Business Incubator and Accelerator Company, a subsidiary of TAQNIA, which is in turn fully owned by the Sovereign Fund of Saudi Arabia, PIF
  • The collaboration with BIAC includes the expansion of beaconsmind’s business activities in Saudi Arabia and the exploration of possible new partnerships
• Implementation of the beaconsmind solution in various governmental and retail establishments
• Significant expansion of business activities to government sector
• Improvement of the omnichannel customer experience through linking different data sources from online and offline

Zurich, Switzerland - 28 November 2022 – beaconsmind AG (ISIN: CH0451123589 - Ticker: MLBMD), a leading SaaS provider in the field of Location-Based Marketing (LBM) & Analytics, continues to expand its strong position in the Middle East. The company has launched a comprehensive collaboration with Business Incubators and Accelerators Company (BIAC) in Saudi Arabia (KSA), covering areas such as tourism, culture, entertainment and smart city. BIAC is a state-owned subsidiary of the Saudi Technology Development and Investment Company (TAQNIA), which in turn is wholly owned by the sovereign wealth fund of Saudi Arabia, Public Investment Fund (PIF). Through the cooperation, beaconsmind supports Saudi Arabia in the implementation of the "Vision 2030". Through the cooperation with BIAC, beaconsmind now also opens up the government sector and significantly expands its business activities.

At the start of the cooperation it is planned to implement beaconsmind's innovative LBM solutions in various governmental and retail establishments in Riyadh, the capital of Saudi Arabia. These include, for example, museums, parks, shopping centres, retail outlets, tourist attractions and hotels. The beaconsmind suite provides users with completely new communication and information channels. Visitors can use apps as travel guides and receive among other things, location-based information in real time via push notifications about events in their vicinity or further information about exhibits in museums. Based on the input of personal preferences, users are provided with individual offers for restaurants, galleries or museums. Visits can be planned in advance and routes optimised. Thanks to the beaconsmind solution, users are always well informed and can get the most out of their visit. Customer journey and customer experience are thus significantly improved. In addition, the beaconsmind suite will also be used in shopping centres and selected shops of the stationary trade. Businesses will be able to interact with users directly at the point of sale and provide them with customised offers, resulting in higher sales and increased customer loyalty and satisfaction. Saudi Arabia plans to increase the number of foreign tourists to 100 million by 2030. The tourism sector's share of the gross domestic product is to be increased from around 3 per cent today to 10 per cent. 

Max Weiland, CEO of beaconsmind: "The cooperation with the Kingdom Saudi Arabia is another important milestone in our company's history. We are thus tapping into the government sector and significantly expanding our business activities. In the future, our solutions will also function as a source of information with which we turn users' visits into unique experiences. With our solutions, the tourism industry, hotels, retailers and many more segments can further improve customer service and respond directly to customer wishes and needs. This leads to higher revisit rates and user satisfaction. Riyadh is just the beginning. We see significant potential to expand our collaboration beyond Riyadh and look forward to the cooperation and exciting tasks ahead."

The Saudi Economy is opening up massively to international companies and global investors as part of „Vision 2030“. Diversification of the economy is an important objective of „Vision 2030“, and tourism is part of the sectorial priorities. The KSA tourism sector offers an unparralled opportunity thanks to the rich and diverse Historical, Cultural and UNESCO World Heritage sites. Digital can play an important role in improving the experience of tourists. The LBM solutions of beaconsmind have a significant potential in that regards in KSA.

About beaconsmind

Founded in 2015 in Switzerland, beaconsmind AG is a pioneer in the field of location-based marketing (LBM) software for retail chains. By fitting stores with Bluetooth beacons that precisely locate and identify customers, and by integrating its Software Suite, beaconsmind opens a brand-new channel for retailers to interact with their customers. Thanks to its solution, retailers can converge digital and physical shopping and address the convenience gaps of each. The shares of the company (ISIN: CH0451123589 – Ticker: MLBMD) are listed on the Frankfurt Stock Exchange with XETRA trading and on Euronext in Paris.

For more information, please visit www.beaconsmind.com

About BIAC

Since 2017, Business Incubators and Accelerators Company (BIAC) have started operated and manage incubators and accelerators for the public and private sectors as a subsidiary of the Saudi Technology Development and Investment Company (TAQNIA), which, in turn, is wholly owned by the Public Investment Fund (PIF). At BIAC, we operate and manage entrepreneurship support platforms, innovation, and technology transfer platforms, as well as project management and business support through specialized consulting and training services.