Saudi Arabia’s Arabian Internet and Communications Services Co., known as Solutions by stc, has acquired a 40% stake in Devoteam Middle East, solidifying its digital market position with a total investment of SR296.69 million ($79.1 million). The acquisition, initiated during the France-Saudi Investment Forum in Paris in June 2023, leads to a valuation of SR741.7 million for the acquired company. Solutions by stc’s strategic move aligns with its growth strategy, aiming to explore new markets and promising business sectors within communications and information technology, both locally and regionally.
Omar Al-Nomani, CEO of Solutions by stc, highlighted the acquisition as the cornerstone of a strategic partnership, emphasizing its potential to broaden business horizons and offer integrated and innovative services rooted in digital best practices. The collaboration aims to meet the growing demand for technical products and digital solutions in Saudi Arabia and the broader region, empowering clients to stay abreast of rapid developments in technical services and digital products. Osama Al-Ghoul, CEO of Devoteam Middle East, sees the strategic alliance as a pivotal chapter in enabling digital transformation within the Kingdom, emphasizing the commitment to fostering digital acceleration through regional initiatives. Devoteam Middle East also announced its intention to enhance solutions by providing Google Cloud services to clients in Saudi Arabia, aligning with the official launch of Google Cloud’s services in the Kingdom and the establishment of local data centers.