solutions by stc signs a binding offer to acquire 100% of ccc by stc
· solutions by stc signed a binding offer to acquire ccc by stc, the Saudi Arabia market leader in Business Process Outsourcing (BPO).
· This marks a strategic milestone in the expansion of solutions by stc in the business outsourcing sector and helps provide end to end services to customers in the region.
solutions by stc, the leading enabler of digital transformation in Saudi Arabia, signed a binding offer to acquire 100% of ccc by stc, the Kingdom’s business process outsourcing (BPO) market leader, from stc group which represents 49% stakes, and ESM Holdings. LLC representing 51%, at an enterprise value of SAR450m.
This strategic step comes in line with the ambitious growth strategy of stc group and solutions by stc, and reiterates its role as the ICT market leader in the Kingdom. Additionally, it will enable solutions by stc to expand into the BPO market and provide end-to-end services to customers across their ICT journey, as the business outsourcing market continues to grow with a compound annual growth rate of 8.9% between 2022 and 2026, based on market outlook.
As a BPO market leader with local roots and international expertise, (ccc) first started as a joint venture between stc group, listed on the Tadawul Stock Exchange, and ESM Holding Company, owned by StarTek (NYSE:SRT). (ccc) delivers digital customer service experience using international best practices, and provides services in eight different languages, across multiple work streams including customer service, technical support, digital business, and consulting services.
Through this acquisition, solutions by stc seeks to empower ccc by stc and position it for further growth, especially with the presence of “solutions” in regional markets, and its continued investments in local talents.
It is worth mentioning that the deal is subject to obtaining all regulatory approvals from relevant authorities in Saudi Arabia, including the approval from the General Authority on Competition and any other customary completion conditions.