solutions by stc, the enabler of digital transformation in Saudi Arabia and the region, has completed its acquisition of a 40% of “Devoteam Middle East,” a subsidiary of the globally renowned Devoteam Group, a leader in the digital consulting. The total value of Devoteam Middle East is approximately SAR 741.7 million.
This announcement comes after obtaining the necessary regulatory approvals, solidifying the formalization of the deal issued by the relevant authorities in Saudi Arabia. solutions had previously signed a binding offer and initially unveiled details of the transaction in June 2023.
This strategic acquisition seamlessly aligns with the growth trajectory outlined by stc Group and solutions by stc, with a focus on expanding into new markets and emerging business sectors. The move strategically positions both entities to capitalize on investment opportunities within the dynamic landscapes of the information and communication technology sector across the Kingdom and the broader region.
Reflecting on this, Eng. Omer Abdullah Alnomany, the CEO of solutions by stc, remarked, “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. “adding that this strategic 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.
For his part, Eng. Osama Ghoul, Group Executive Vice President and Managing Partner of Devoteam in the Middle East, commented on this strategic step: “This partnership with solutions by stc marks a significant milestone for our company, solidifying our presence in the Middle East.” Osama emphasized, “solutions by stc stands as a cornerstone in driving digital transformation within the Kingdom of Saudi Arabia, and Devoteam stands out as a frontrunner in the realm of digital consulting. Together, we are united in our vision to expand the delivery of premium digital services to a wider customer base across the region, from strategy development through design to execution.”