· “solutions by stc” signed a binding offer to acquire 40% of “Devoteam Middle East”, the leading digital consulting company in the Kingdom and the region.
· A strategic partnership to complement “solutions” offerings and provide digital consulting and business transformation capabilities with international standards.
“solutions by stc”, the ICT market leader in the Kingdom of Saudi Arabia, signed a binding offer with Devoteam SAS (France) and ORTILL Investment Limited to acquire 40% of “Devoteam Middle East”, a leader in the digital consulting business in the region, based on the enterprise value of AED 726.3 million (which equals approximately SAR 741.7 million). The deal is subject to obtaining all regulatory approvals from the relevant authorities in Saudi Arabia.
Through this strategic investment, “solutions” aims to strengthen its leadership in the ICT market and complement its current offerings with digital consulting and business transformation capabilities to enable its customers across the Kingdom and beyond. This milestone comes in line with solutions’ and stc group expansion journey, following solutions successful acquisition of 88% of Giza Systems, and 100% of “ccc”.
“Devoteam Middle East” is a leading consulting firm focused on digital strategy and tech platforms, with 25 years of experience in its field. The company has a strong local and regional presence and extensive international experience in providing digital consulting and business transformation. Its service offerings cover digital products, intelligent data analytics, and business automation, in addition to enabling sustainability through digital transformation.
This transaction is part of solutions and Devoteam’s joint efforts to deliver innovative digital services and enable digital transformation in line with Saudi Vision 2030 and the Kingdom’s localization efforts.