Solutions by stc, a leading digital transformation enabler and IT services provider in Saudi Arabia, acquired 88.19% of Giza Systems with an enterprise value worth 158 million dollars.
The deal comes in line with stc group’s growth strategy to expand into new markets and business lines, and to invest in promising business opportunities.
“This acquisition confirms our commitment towards achieving the ambitious goals of our growth strategy of stc Group. Therefore, we made this strategic decision to acquire Giza Systems in order to accelerate our growth and consolidate our position as the leader in the telecommunications and information technology market at a regional level. Giza Systems will remain independent and we will work together in order to diversify our offering to our clients within Saudi Arabia and beyond,” Omar Al Nomani, CEO of Solutions, said.
Giza Systems first announced the acquisition in April this year when Giza Systems announced that it had received an offer from solutions which was approved by its board of directors.
Giza Systems is a system integrator in the MEA region that designs and deploys industry-specific technology solutions for asset-intensive industries such as telecoms, utilities, oil and gas, hospitality, and real estate among other market sectors.
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