Saudi Arabia’s digital presence expands globally as the Arabian Internet and Communications Services Co. buys a 40 percent share in Devoteam Middle East, spending SR296.69 million ($79.1 million). This strengthens the position of the company, also known as Solutions by stc, in the digital market. The acquisition, completed from Devoteam Group’s regional branch, values the acquired company at SR741.7 million, says the Saudi Press Agency.
This move fits the growth strategy of the stc group and Solutions by stc, aiming to explore new markets and business sectors in communications and information technology in both Saudi Arabia and the broader region.
Omar Al-Nomani, CEO of Solutions by stc, sees this acquisition as the start of a strategic partnership between the two companies. This collaboration is expected to expand business opportunities for both, offering integrated and innovative services based on top digital practices, meeting the growing demand for technical products and digital solutions in Saudi Arabia and beyond.
Al-Nomani believes this partnership will benefit both companies’ customers, keeping them updated on the latest technical services and digital products, accelerating their transformation journeys, and supporting their growth and sustainability goals.
Osama Al-Ghoul, CEO of Devoteam Middle East, is excited about the strategic partnership with Solutions by stc, seeing it as a crucial step in their collaboration’s progress. He highlights the role of this collaboration in positioning Devoteam Middle East as a key player in digital transformation in Saudi Arabia.
The company has been dedicated to speeding up digital advancement by establishing its regional office in Saudi Arabia. Last November, it announced plans to enhance solutions by offering Google Cloud services to clients in the Kingdom, coinciding with the official launch of Google Cloud’s services there and the establishment of the company’s local data centers.
