Saudi Arabia’s digital reach extends globally, with the Arabian Internet and Communications Services Co. acquiring a 40 percent stake in Devoteam Middle East.
The investment, totaling SR296.69 million ($79.1 million), solidifies the position of the company, also known as Solutions by stc, in the digital market. The completion of the acquisition of Devoteam Group’s regional subsidiary leads to a valuation of SR741.7 million for the acquired company, as reported by the Saudi Press Agency.
This strategic move aligns with the growth strategy of the stc group and Solutions by stc, aiming to explore new markets and promising business sectors. The initiative leverages investment opportunities within the communications and information technology divisions in both the Kingdom and the broader region.
The acquisition was first initiated in June 2023 during the France-Saudi Investment Forum in Paris.
Omar Al-Nomani, CEO of Solutions by stc, emphasized the acquisition as the cornerstone of a strategic partnership between the two companies.
This collaboration is expected to broaden the business horizons for both entities, offering a suite of integrated and innovative services rooted in the best digital practices.
The partnership is designed to cater to the burgeoning demand for technical products and digital solutions in Saudi Arabia and the region.
Al-Nomani emphasized that this cooperation is poised to empower the clientele of both companies, enabling them to stay up-to-date on the rapid developments and innovations in technical services and digital products. This collaboration aims to accelerate their transformation journeys and support their growth and sustainability objectives.
Osama Al-Ghoul, CEO of Devoteam Middle East, expressed his enthusiasm about the strategic alliance with Solutions by stc, viewing it as a pivotal chapter in the partnership’s evolution.
He underscored the role of this collaboration in positioning Devoteam Middle East as a principal enabler of digital transformation within the Kingdom.
The firm has been committed to fostering digital acceleration by establishing its regional office in the Kingdom.
Additionally, last November, the company announced its intention to enhance solutions by providing Google Cloud services to clients in the Kingdom.
This development aligns with the official launch of Google Cloud’s services in the Kingdom and the establishment of the firm’s local data centers.