Solutions by stc completes acquisition of 40% of Devoteam Middle East

Solutions by stc completes acquisition of 40% of Devoteam Middle East

Riyadh: Solutions by stc, the enabler of digital transformation in Saudi Arabia and the region, has completed the acquisition of 40% of Devoteam Middle East, a subsidiary of the globally renowned Devoteam Group, a leader in digital consulting, according to a press release from stc.

The total value of Devoteam Middle East is approximately SAR741.7 million.

This acquisition was done after obtaining the necessary regulatory approvals; it solidifies the formalization of the deal issued by the relevant authorities in the Kingdom.

Solutions by stc had signed a binding offer and first unveiled details of the transaction in June 2023.

According to the release, this strategic acquisition seamlessly aligns with the growth trajectory outlined by stc Group and Solutions by stc, which focuses on expanding into new markets and emerging business sectors.

The move “strategically positions both entities to capitalize on investment opportunities within the dynamic landscapes of the information and communication technology sector across the Kingdom and the broader region”, according to the release.

Solutions by stc CEO Eng. Omer Abdullah Alnomany said: "This acquisition marks a strategic alliance between Solutions by stc and Devoteam Middle East, paving the way for a broader and more diversified business portfolio for both organizations. Our collaborative efforts will deliver