RIYADH: solutions, the leading provider of internet and communications services in Saudi Arabia, announced on Thursday that it has completed the acquisition of 40% of Devoteam Middle East, a regional leader in digital transformation consulting and solutions.
The deal, which was approved by the General Authority for Competition (GAC) in November 2023, was valued at AED 726.3 million (approximately SAR 741.7 million) for 100% Enterprise Value. The acquisition was funded through solutions’ own resources.
The acquisition aims to enhance solutions’ capabilities and offerings in the fields of technical products and digital solutions, in line with the market needs and demands in the Kingdom and the region. It also aims to enable solutions’ customers to benefit from the best digital practices and innovations, and to accelerate their digital transformation journey.
The acquisition is part of solutions’ (LEAP) strategy, which focuses on growing and expanding into new and promising business lines that support the digital transformation of its customers and provide the best value to its shareholders.
Devoteam Middle East, which was established in 2007, has offices in Saudi Arabia, the UAE, Qatar, and Oman. It offers a wide range of services and solutions in areas such as cloud, data, cybersecurity, digital workplace, and smart automation.