- Strategic Acquisition Completed: Solutions by stc, a key player in the digital transformation landscape in Saudi Arabia and the region, has successfully acquired a 40% stake in Devoteam Middle East, a digital consulting subsidiary of Devoteam Group, with a valuation of approximately SAR 741.7 million (USD 200.2 million). This acquisition, formalized after obtaining regulatory approvals, underscores a strategic alliance between the two entities.
- Emphasis on Growth Strategy: The acquisition is in line with stc Group and Solutions by stc’s growth strategy, focusing on expanding into new markets and emerging business sectors. This strategic move positions both organizations to leverage investment opportunities in the dynamic information and communication technology sector in the Kingdom and the broader region.
- Empowering Digital Transformation: Eng. Omer Abdullah Alnomany, CEO of Solutions by stc, highlighted the strategic alliance’s significance, emphasizing the delivery of seamlessly integrated and innovative services.
Solutions by stc, a key player in driving digital transformation in Saudi Arabia and the region, has successfully concluded the acquisition of a 40% stake in Devoteam Middle East, a subsidiary of the globally recognized Devoteam Group, a digital consulting, according to a company statement.
The valuation of Devoteam Middle East stands at approximately SAR 741.7 million (200.2 million USD), and this acquisition was completed following the requisite regulatory approvals, solidifying the formalization of the deal by the relevant authorities in the Kingdom.
The strategic acquisition aligns seamlessly with STC Group and Solutions by STC’s growth strategy, emphasizing expansion into new markets and emerging business sectors.
According to the press release, this move strategically positions both entities to capitalize on investment opportunities in the dynamic landscapes of the information and communication technology sector in the Kingdom and the broader region.
Omer Abdullah Alnomany, CEO of Solutions by stc, expressed, “This acquisition marks a strategic alliance between Solutions by stc and Devoteam Middle East, paving the way for a broader and more diversified business portfolio for both organizations. Our collaborative efforts will deliver seamlessly integrated and innovative services, adhering to the highest digital standards to meet evolving market demands for technological products and digital solutions within the Kingdom and the wider region.”
He highlighted that this move empowers clients of both companies to navigate the continuous evolution and innovation in technology services and digital products, expediting their digital transformation journeys towards business growth and sustainability.
Osama Ghoul, Group Executive Vice President and Managing Partner of Devoteam in the Middle East, stated that the partnership with Solutions by stc signifies a significant milestone for their company, solidifying their presence in the Middle East.
He emphasized the shared vision to expand the delivery of premium digital services to a broader regional customer base.
Devoteam Middle East holds the largest market share in Saudi Arabia’s digital consulting market, according to the IDC Global Market Research Report published in 2022.
The company is recognized for its presence across local, regional, and global markets, coupled with extensive expertise in digital transformation, cybersecurity, cloud solutions, business process optimization, and automation.
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