Devoteam aims to scale Middle East business with backing of STC

19 June 2023 3 min. read
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Devoteam has roped in a major investment from Saudi Telecom Company (STC) as the firm embarks on its next chapter of growth in the Saudi market and wider Middle East region.

Announced by Devoteam’s headquarters in France, the Middle East arm has sold a minority 40% stake for an undisclosed sum to Saudi Telecom Company (STC), the country’s largest telecom operator in the Kingdom by revenue (majority owned by the Public Investment Fund).

The stake in Devoteam will be overseen by Solutions by STC, the digital transformation and IT services business of STC. Executives of both companies said that the joining of forces brings together two leaders in their respective industries to forge a powerhouse in the landscape, while benefitting from numerous cross-company synergies.

Devoteam aims to scale Middle East business with backing of STC

“We are delighted to forge this important partnership with Solutions by STC,” stated Godefroy de Bentzmann, co-CEO at Devoteam. “Their profound knowledge of the local market and robust IT infrastructure, networks and outsourcing services will perfectly complement our digital transformation consulting, cybersecurity and business process capabilities in the Middle East.”

“Together, we will provide unparalleled IT solutions to our clients, catering to their evolving needs and driving the digital transformation of their businesses.”

With 650 consultants, Devoteam is one of the region’s largest and leading IT consulting firms. The company partners with major technology groups including AWS, Google, Microsoft, Salesforce, ServiceNow, providing its clients with an end-to-end transformation offering from advisory and design, through to technology build and implementation, and managed services.

In home base Saudi Arabia, Devoteam is notably the top player in the market, ahead of globally operating giants such as Accenture, the Big Four, Atos, Capgemini, and Cognizant.

With the financial muscle and capabilities of Solutions by STC, Devoteam aims to retain its market leadership position in Saudi Arabia, and accelerate the expansion of its consulting business across the Middle East.

Devoteam aims to scale Middle East business with backing of STC

“This agreement represents a new chapter in our development,” said Osama Ghoul, Managing Partner of Devoteam in the Middle East. “Solutions by STC is recognised as a key player in enabling digital transformation in Saudi Arabia, it demonstrates our dedication to the Kingdom.”

“It will also unlock tremendous synergies between the companies and enable the pursuit of larger projects, generating commercial advantages for Devoteam, especially in the public sector and Saudi government landscape. Together, we will leverage our combined strengths to address the unique challenges organisations in the region confront and drive their success in the digital era. We are excited about opportunities that lie ahead.”

As part of the agreement, Devoteam will continue to operate as an independent entity, with the current leadership team remaining at the reins.