Solutions by stc is a Saudi Arabia-based company. It won’t be wrong to claim that it is a leading enabler of digital transformations in the country. It has successfully acquired 88.19% stakes in Giza Systems which have an enterprise value of roughly $158 million.
It can be said that the acquisition is the first of its kind which supports the claim that solutions by stc have been playing a leading role in enabling digital transformation in the kingdom by 2030. Saudi Arabia has a dream to increase the contribution of the Information Technology and Communications sector so that the national GDP can reach up to $13.3 billion, and the sector can get a 50% developmental increase.
This deal will be looked back at as a critical step towards executing the ambitious growth strategy set by stc Group that aims to develop markets and business lines and to invest in innovative and promising business opportunities. This is all due to the increase in the demand for communications and information technology services in the country.
On the subject of the successful acquisition, the CEO of Solutions, Eng. Omar Al Nomani, said that:
“This acquisition confirms our commitment towards achieving the ambitious goals of our growth strategy of stc Group. Therefore, we made this strategic decision to acquire Giza Systems in order to accelerate our growth and consolidate our position as the leader in the telecommunications and information technology market at a regional level. Giza Systems will remain independent, and we will work together in order to diversify our offering to our clients within Saudi Arabia and beyond.”
The CEO of Giza Systems, Osama Sorour, said that:
“Solutions by stc’s acquisition of Giza Systems comes at a time when the regional markets are witnessing exceptional growth in the ICT sector. Our synergies will enable us to expand our digital offers in the region. Giza Systems is proud to be part of this significant milestone, through which it can accelerate its growth and gain more access to the thriving Saudi market.”
In April of this year, Giza Systems revealed that they had received an offer from solutions that had been approved by its board of directors. It is quite prominent that this was the first public notification of the purchase.
As a pioneer in its sector, Giza Systems offers several services such as system and application integration and other cutting-edge technologies. The company serves more than 25 countries worldwide.
