The Arabian Internet and Communications Services Company (Solutions by stc) acquired 40% of Devoteam Middle East, a subsidiary of the global Devoteam Group.
The entire value of enterprise is approximately SAR 741.7 million, reported Saudi Press Agency.
This acquisition aligns with the growth strategy adopted by the STC group and solutions by stc. Their strategy aims to expand into new markets and promising business lines. Moreover, it aims to take advantage of investment opportunities available in the telecommunications markets.
The CEO of solutions by stc Omer Abdullah Al Nomany explained that the acquisition creates a strategic partnership between Solutions by stc and Devoteam Middle East.
This partnership would expand the business scope of both companies and allow them to offer comprehensive and innovative services. The companies aim to meet market needs for technical products and digital solutions in the Kingdom and the region.
Al Nomany pointed out that this strategic step enables the companies’ clients to keep up with the continuous developments and innovations in technical services.
It would accelerate the digital transformation of their businesses and achieve growth and sustainability goals.
The CEO of Devoteam Middle East Osama Al Ghoul stated that this strategic partnership represents a new chapter in the development of the partnership. It would position it as a key player in enabling digital transformation in the Kingdom.
STC plays a significant role in the telecommunication sector in Saudi Arabia. It is known for its investments in advanced technologies and innovations in the field.
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