UAE-based leading physical asset management company, Eltizam Asset Management Group has acquired technology company Orion Systems to form OrionTEK, in a move to add $120 million to the Group’s future revenues.
Established to design and deploy solutions that disrupt how physical assets are operated and managed, OrionTEK is a part of Eltizam’s revenue diversification strategy with Proptech as a key future focus area and revenue driver.
The move further accelerates the digital transformation of the Group’s businesses, which will be at the center of Eltizam’s strategy to utilize next-generation Internet of Things (IoT) technology to turn the efficiency of security, maintenance, and energy management processes in the built environment, the company stated.
OrionTEK will collaborate with Eltizam’s in-house experts to develop new technologies for security management, energy management, and predictive maintenance, based on its experience in integrating security and information technology (IT) systems integration, airport, cybersecurity, and smart asset solutions.
“Advanced technologies continue to disrupt industries worldwide, paving the way for fresh opportunities for business success, and the built environment is no exception. As a leading provider of asset management services, we want to not only be part of this transition to the digital world but also to be at the forefront of this movement. We are pleased to have OrionTEK and its team of young tech professionals on board as part of Eltizam. With OrionTEK, which also operates in Australasia, UK, and Europe, we can fast-track our vision of providing highly efficient services backed by innovative technologies and creating maximum value for our clients at minimum costs.”
According to the reports, the latest acquisition is expected to enhance the role of Eltizam as the Middle East’s leading asset management firm, as well as strengthen its presence and influence across the region in line with the expansion strategy of the company.
“We are very proud that Elizam has recognized our achievements as a business organization. We are excited about the beginning of this new chapter in OrionTEK’s history. The partnership will allow us to fast-track our development of world-class smart building technology and accelerate our growth throughout the region,” commented Fred Durnford, General Manager of OrionTEK.