Saudi Aramco To Invest $1 Billion In U.S. Telecom Tech Maker Mavenir

Saudi Aramco’s digital subsidiary, Aramco Digital, is reportedly negotiating a $1 billion investment for a minority stake in U.S.-based telecom software company Mavenir, Fortune’s Data Sheet reported.

Mavenir specializes in Open RAN (radio access network) software, which reduces telecom costs by supporting diverse hardware. I Photo: Mavenir

According to a Reuters report, the deal is likely to be finalized by year’s end, though no guarantees have been made.

If completed, this would mark Aramco Digital’s first significant foray into the telecommunications sector. The move aligns with Saudi Arabia’s Vision 2030 initiative, which seeks to diversify its economy beyond oil by focusing on tech-driven industries.

Mavenir, headquartered in Richardson, Texas, specializes in Open RAN (radio access network) software, which reduces telecom costs by supporting diverse hardware.

Formed in 2017 through the merger of Mitel Mobile, Ranzur, and Xura, Mavenir has raised approximately $800 million to date. Open RAN technology has gained bipartisan support in the U.S.

Both the Trump and Biden administrations advocated it as a way to reduce dependence on Chinese suppliers like Huawei. Any deal between Aramco Digital and Mavenir would likely undergo a U.S. national security review.