stc Group, an engine of digital transformation in the MENA region, has announced that iot squared, a joint venture between the Public Investment Fund (PIF) and stc group, has signed a binding agreement to acquire 100 percent of Machinestalk, a pioneer provider of IoT solutions and applications in Saudi Arabia.
The acquisition will accelerate iot squared’s growth and solidify its position as the leading provider of IoT solutions in the region. iot squared delivers industry-leading IoT solutions, which provide real-time insights into Saudi Arabia.
“We are pleased to announce signing a binding agreement to acquire 100 percent of Machinestalk, which steers to an exciting new chapter in our growth story. As we continue to strengthen our position as the national IoT champion, in line with our BOLD strategy, we are eager to play a pivotal role in supporting Saudi Arabia’s ambitions to lead the region’s digital transformation and adoption of emerging technologies. Furthermore, by fully realizing the potential of IoT and unlocking the value of connected things, we are committed to enabling a ‘connected Kingdom’ and turning the knowledge-based economy from a concept into reality.”
The acquisition represents an important milestone in the collaboration between PIF and stc as this reflects the major investment strategy in the products and services in ICT industry, including investments in digital Clouds, Cybersecurity, Fintech, and digital entertainment. These investments contribute to driving digital transformation and contribute to Saudi Arabia’s Vision 2023 in leading digitization in the region.
As per the statement, the acquisition will augment iot squared’s capabilities across the IoT value chain. Machinestalk’s applications complement iot squared’s three key verticals: smart cities, Industry 4.0, and smart mobility and logistics, through which the Company supports governments, enterprises, and SMEs across the MENA region to advance the adoption of smart solutions and IoT technologies, positioning stc Group and Saudi Arabia as a regional hub for IoT in MENA. The transaction is subject to regulatory approvals from the relevant authorities and fulfilling transaction conditions.