Solutions Acquires 40% Stake in DME
Saudi Internet, Communications Services Company, Solutions has celebrated a significant milestone in the tech industry. Solutions enthusiastically announced its acquisition of a considerable 40% stake in Devoteam Middle East (DME).
This initiative marks a major advancement in broadening their influence within technology sector.
Key Details of Agreement
Agreement Overview: Solutions signed a sales agreement with Devoteam SAS (France) and ORTLL Investment Limited. Its acquiring towards 40% share of DME.
Financial Aspects: The enterprise value of DME in this acquisition stands at SAR 741.70 million. It translates to $198 million. Importantly, this value is based on a cash and debt-free basis, reflecting the robust financial plane.
Funding Strategy: Regarding the acquisition’s funding, the company has expressed its intention to utilize well-thought-out financial strategy.
Strategic Implications for Solutions
This acquisition marks a pivotal moment for Saudi Internet company; it underscores its commitment to growth IT services sector. Solutions is poised to enhance its service offerings, elevating its position in a competitive market.
This move not only expands operational capabilities of Solutions but also broadens its customer base. Moreover, the acquisition signals highlighting a proactive approach to embracing emerging technologies. It opens doors to leverage advanced technologies such as artificial intelligence.
The acquisition of DME by Solutions is indicative of a larger trend in Saudi Arabia’s tech industry. Significantly, the country has been actively fostering growth and innovation in this sector.
Furthermore, this strategic move underscores the commitment of Saudi Arabian firms to invest in and expand their digital capabilities.
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