Saudi Arabia-based Internet of Things (IoT) solutions provider “iot squared” announced it fully acquired the Saudi IoT company Machinestalk, aiming at accelerating its growth in the smart cities domain in the Saudi market.
Machinestalk has been launched in the Saudi market in 2015, and it is a subsidiary of NOMD Holdings that focuses on smart cities, smart mobility, smart buildings and facilities, and industrial IoT.
Machinestalk’s partnership network extends to more than 50 countries worldwide.
iot squared is a joint venture between the Public Investment Fund (PIF) and stc group. It offers smart solutions in sectors including manufacturing, logistics, and smart cities as it aims to become a “one-stop-shop” for IoT solutions.
The IoT provider has signed a binding agreement to acquire 100% of Machinestalk.
The acquisition will accelerate iot squared’s growth and expand its capabilities across the IoT value chain.
Since its establishment in 2022, iot squared supports businesses operating across three key verticals, including smart cities, Industry 4.0, and smart mobility and logistics, by supplying IoT technologies, such as IoT sensors, platforms, and applications to improve and develop the performance and productivity of industrial processes with the power of real-time insights.
These investments contribute to driving digital transformation and contribute to Saudi Arabia’s Vision 2023 in leading digitization in the region.
Othman Al Dahash, CEO of iot squared, said: “We are pleased to announce signing a binding agreement to acquire 100% of Machinestalk, which steers to an exciting new chapter in our growth story. As we continue to strengthen our position as the national IoT champion, in line with our BOLD strategy, we are eager to play a pivotal role in supporting Saudi Arabia’s ambitions to lead the region’s digital transformation and adoption of emerging technologies.
“Furthermore, by fully realizing the potential of IoT and unlocking the value of connected things, we are committed to enabling a ‘connected Kingdom’ and turning the knowledge-based economy from a concept into reality,” Al Dahash added.
The bilateral deal is subject to regulatory approvals from the relevant authorities and fulfilling transaction conditions.
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