BrazilSolutions by STC and Devoteam complete Middle East joining of forces
Solutions by STC has completed the acquisition of its 40% stake in Devoteam’s Middle East business.
The closing of the deal comes seven months after Solutions by STC and Devoteam announced the deal, and comes hot on the heels of the pair receiving clearance from Saudi Arabia’s antitrust body.
The joining of forces creates a market leader in IT consulting and technology services in the Middle East market, and notably, leapfrogs the combined group to pole position in the key Saudi market, where Solutions by STC and Devoteam now hold (according to IDC estimates) nearly one quarter of the total market.
Solutions by STC is the digital transformation and IT services business of Saudi Telecom Company (STC), the largest telecom operator in Saudi Arabia by revenue (majority owned by the Public Investment Fund). Devoteam is a globally operating digital transformation consultancy, with its Middle East business around 650-people strong.
“This acquisition paves the way for a broader and more diversified business portfolio for both organizations. Our collaborative efforts will deliver seamlessly integrated and innovative services, adhering to the highest digital standards to meet evolving market demands for technological products and digital solutions within the Kingdom and the wider region,” said Omer Abdullah Alnomany, the CEO of Solutions by STC.
For Devoteam, the added financial muscle and access to expanded technology services and infrastructure will enable the firm to retain its market leadership position in Saudi Arabia, and accelerate the expansion of its consulting business across the Middle East.
“This partnership marks a significant milestone for our company, solidifying our presence in the Middle East,” said Osama Ghoul, Group Executive Vice President and Managing Partner of Devoteam in the Middle East. “Together, we are united in our vision to expand the delivery of premium digital services to a wider customer base across the region, from strategy development through design to execution.”
