Durham entrepreneur Farad Ali secures majority stake in $150M Texas firmDate Published:
DURHAM – Farad Ali is all about reinvesting in the community, and now he says he’s using a new business venture to achieve that end.
The Durham entrepreneur and past CEO of The Institute for Minority Economic Development has acquired a majority stake in the Texas-based Asociar.
Launched in 2012 as a joint venture with Manetta and Fujitsu Network Communications, Asociar trains and develops a “diverse team” of engineers and technologists. It also provides edge computing and supply chain solutions.
The firm says it has since grown to over $150 million in revenues.
Under the new ownership, Ali will serve as CEO and president, with Fujitsu maintaining ties to the company.
“Fujitsu values our longstanding relationship with Asociar,” said Annie Bogue, head of Sales and Marketing for Fujitsu, in a statement. “We look forward to continued partnership and strong support of our combined customers.”
Through a partnership with Planet Mogul, Ali said Asociar plans to re-invest in the community through job training and donating resources and time.
He wants to provide 2 million SKD (Skills, Knowledge and Dreams) in a Backpack to middle school students, in under-resourced communities. The backpacks are filled with educational and life skills tools, including entrepreneurship, financial literacy, nutritional and physical fitness.
Asociar is headquartered in Plano, Texas with offices in New York/New Jersey and Research Triangle Park.
Ali is the current board chair of the Triangle Community Foundation.
Original Article Source: WRAL TechWire