Solutions by stc, the enabler of digital transformation in Saudi Arabia and the region, has completed the acquisition of 40 percent of Devoteam Middle East, a subsidiary of the globally renowned Devoteam Group, a leader in digital consulting.
The total value of Devoteam Middle East is approximately $197 million (SAR741.7 million). This acquisition was done after obtaining the necessary regulatory approvals and it solidifies the formalization of the deal issued by the relevant authorities in the Kingdom.
The company stated that this strategic acquisition seamlessly aligns with the growth trajectory outlined by stc Group and Solutions by stc, which focuses on expanding into new markets and emerging business sectors. Solutions by stc had signed a binding offer and first unveiled details of the transaction in June 2023.
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,” as per the statement.
Solutions by stc CEO Eng. Omer Abdullah Alnomany said that, “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.”
Devoteam in the Middle East Group Executive Vice President and Managing Partner Eng. Osama Ghoul stated that the partnership with Solutions by stc “marks a significant milestone for our company, solidifying our presence in the Middle East”.
Further, Ghoul stressed that “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, and that together, we are united in our vision to expand the delivery of premium digital services to a broader customer base across the region, from strategy development through design to execution.”
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