Riyadh, Kingdom of Saudi Arabia, 04 March 2024: solutions by stc, the leading enabler of digital transformation in Saudi Arabia and the region, and US-based nile, a leader in enterprise Network as a Service (NaaS), announced today the signing of a term sheet agreement aiming to create a joint venture during “LEAP 2024,” the major tech event held annually in The Saudi capital Riyadh.
The joint venture between the two companies is a strategic expansion to enhance their market presence and service offerings. As a part of this venture, both companies will provide secure and comprehensive enterprise network solutions (NaaS) to customers in Saudi Arabia and MEA region.
The new NaaS service from Nile increases system reliability and optimizes business operations by offering clients a cost-efficient subscription-based service model and network management powered by AI technology.
“This move highlights our commitment to expanding our technical advancements and service offerings. Together, solutions and nile will introduce innovative network services that transform the digital infrastructure landscape across multiple sectors in Saudi and the region, said Omer Alnomany, solutions by stc’s CEO. ”Through this strategic partnership, our new services will optimize operations, cut costs, and drive clients’ businesses toward growth, Alnomany added.
Commenting on the strategic partnership, Mr. Pankaj Patel, CEO, and co-founder of nile said: “The formation of the JV between solutions by stc and nile signifies a strategic expansion and enhances nile’s market presence in Saudi Arabia and the region. The synergy between solutions by stc’s regional expertise and nile’s innovative approach aims to set new benchmarks for operational excellence in the ICT sector.”
The announcement of the Joint Venture comes after the two companies announced an exclusive partnership to deliver enterprise networking services to clients. Followed by solutions by stc participation in a global funding round for the next-generation “network as a service” technology developed by US-based Nile, which raised $175 million from various investors last August.