Saudi information security firm Elm to acquire Tabadul

Saudi information security firm Elm to acquire Tabadul

DUBAI- Saudi information security company Elm is to acquire digital services company Tabadul from Saudi Arabia's sovereign wealth fund, Elm said in a statement on Sunday.The Public Investment Fund (PIF) also owns Elm and was considering an initial public offering of the information security company, sources told Reuters in May.The value of the deal, under which Elm will acquire 100% of Tabadul's shares, was not disclosed. The transaction is subject to securing regulatory approvals.Tabadul's executive management will continue to lead it, the statement said, and its board will remain in place until the acquisition is finalised.Tabadul, also known as Saudi Company for Exchanging Digital Information, provides digital solutions for the logistics sector."The combination of Elm and Tabadul will create a one-stop-shop that will cater to the entire logistics value chain,"