Solutions by stc acquires 40% stake in Devoteam Middle East

The Arabian Internet and Communications Services Co., widely known as Solutions by stc, has expanded its digital footprint globally by acquiring a 40% stake in Devoteam Middle East. The significant investment, totalling SR296.69m ($79.1m), positions Solutions by stc as a key player in the digital market, with the completed acquisition of Devoteam Group’s regional subsidiary valuing at SR741.7m ($197.78m), according to the report by Saudi Press Agency.

Initiated during the France-Saudi Investment Forum in Paris in June 2023, this collaboration aligns seamlessly with the growth strategy of the STC group and Solutions by stc. The aim is to explore new markets and promising business sectors, capitalising on investment opportunities in communications and information technology within the Kingdom and the broader region.

Omar Al-Nomani, CEO of Solutions by stc, highlighted the acquisition as a cornerstone in the strategic partnership between the two companies. The collaboration is anticipated to expand business horizons, offering integrated and innovative services rooted in digital best practices.

This strategic alliance aims to meet the growing demand for technical products and digital solutions in Saudi Arabia and the region. Al-Nomani emphasised that the cooperation would empower the clientele of both entities, enabling them to stay up-to-date on rapid developments and innovations in technical services and digital products, accelerating their transformation journeys and supporting growth and sustainability objectives.

Osama Al-Ghoul, CEO of Devoteam Middle East, expressed enthusiasm about the strategic alliance with Solutions by stc, viewing it as a pivotal chapter in the partnership’s evolution. He emphasised the role of this collaboration in positioning Devoteam Middle East as a principal enabler of digital transformation within the Kingdom.

Devoteam Middle East has been committed to fostering digital acceleration by establishing its regional office in the Kingdom. In November, the company announced its intention to enhance solutions by providing Google Cloud services to clients in the Kingdom, aligning with the official launch of Google Cloud’s services and the establishment of local data centres.