Elm acquires Saudi IT services company Thiqah for $907 million from PIF

Saudi Arabian digital transformation company Elm has acquired Thiqah Business Services for around SAR 3.4 billion ($907 million).
The deal comes following lengthy discussions between the two companies, having first kicked off talks back in 2023. Elm has now confirmed that it has acquired 100% of Thiqah Business Services from the Kingdom’s Public Investment Fund (PIF), which also holds a majority stake in Elm.
Commenting on the milestone, Mohammed Abdulaziz Al Omair, CEO of Elm, said: “This deal is of great importance to Elm, enhancing integration, rationalizing spending, increasing profitability, and providing a number of qualitative advantages for both parties and the sector.”
“The integrated, combined entity will be more capable of providing qualitative advantages, including providing advanced national smart services to serve current market requirements and the needs of beneficiaries. The deal will also contribute to facilitating innovative processes by leveraging expertise to develop products in the business field, in addition to the benefit that will be achieved from cost advantages and achieving economies of scale.”
The PIF meanwhile said that the combination of the two companies will create a national champion in Saudi’s ICT sector, which will benefit joint clients, but also provide a further impetus to the sector and wider economy.
“The PIF is committed to enabling the creation of leading national companies that contribute to driving the development and growth of the local economy. The sale of Thiqa Business Services to Elm will contribute to enhancing the vital role of the ICT sector, and efforts to localize technology and drive innovation,” said Shahd Attar, Head of Technology & Media Investments at the Public Investment Fund.
Riyadh-headquartered Thiqah Business Services is a digital solutions company, offering a wide range of solutions based on customized and ready-made digital platforms. In 2023, it booked revenues of SAR 1.6 billion.
Elm is over three times the size of Thiqah Business Services (based on turnover), with its latest revenues reported at SAR 5.3 billion. In 2024, the company saw its fee income jump by 25%, driven by booming demand for its capabilities in technology, management consulting and business process outsourcing.