KSA Business: Saudi solutions by stc acquires Giza Systems for $158m – Gulf Digital News

KSA Business: Saudi solutions by stc acquires Giza Systems for $158m – Gulf Digital News

Saudi Arabia-based solutions by stc, which is a leading enabler of digital transformation in the kingdom, has completed the acquisition of 88.19% stake in Giza Systems at an enterprise value of $158 million.

The acquisition, which is the first of its kind, marks the leading role of solutions by stc in enabling digital transformation in Saudi Arabia in line with Vision 2030, where Saudi Arabia aims to increase the contribution of the Information Technology and Communications sector towards national GDP to reach $13.3 billion, and the development of the sector by 50% by 2030.

This deal represents an important step towards implementing the ambitious growth strategy set by stc Group to expand into new markets and business lines, and to invest in promising business opportunities, as a result of the increased demand for communications and information technology services in the region's markets.

Growth strategy

Commenting on the acquisition, Eng Omar Al Nomani, CEO of Solutions, said: “This acquisition confirms our commitment towards achieving the ambitious goals of our growth strategy of stc Group. Therefore, we made this strategic decision to acquire Giza Systems in order to accelerate our growth and consolidate our position as the leader in the telecommunications and information technology market at