{"id":584129,"date":"2023-03-27T00:00:00","date_gmt":"2023-03-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/27\/giza-systems-wants-to-spend-up-to-usd-40-mn-on-acquisitions-this-year-plus-al-baraka-bank-bdcs-taly\/"},"modified":"2023-03-27T00:00:00","modified_gmt":"2023-03-27T00:00:00","slug":"giza-systems-wants-to-spend-up-to-usd-40-mn-on-acquisitions-this-year-plus-al-baraka-bank-bdcs-taly","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/27\/giza-systems-wants-to-spend-up-to-usd-40-mn-on-acquisitions-this-year-plus-al-baraka-bank-bdcs-taly\/","title":{"rendered":"Giza Systems wants to spend up to USD 40 mn on acquisitions this year. PLUS: Al Baraka Bank + BdC\u2019s Taly?"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Giza Systems\u2019 new Saudi owners are planning an acquisition drive: <\/span><span style=\"\">Giza <\/span><span>Syste<\/span><span>ms <\/span><span>is <\/span><span>looking to invest up to USD 40 mn to acquire new companies this year in the wake of its acquisition by Saudi data firm Solutions by STC. The com<\/span><span>pany is looking to acquire stakes in three or four companies and is prepared to allocate USD 5-10 mn to each transaction,  <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3TSmjIv\" style=\"\">Al Mal<\/a><\/span><span> quotes <\/span><span style=\"font-weight:400;\">company CEO Osama Sorour as having said. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The targets:<\/span><span style=\"\"> Giza Systems will target <\/span><span style=\"\">companies that have a significant presence in the Saudi <\/span><span style=\"font-weight:400;\">market as well as an Egypt-based workforce, according to Sorour. The acquisitions will allow the company to recruit top talent at a lower cost than in KSA, particularly given the recent devaluation of the EGP, he added.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Remember: Giza Systems is under new management.<\/span><span style=\"\"> Solutions by STC, <\/span><span style=\"\">a subsidiary of <\/span><span>Saudi Telecom (STC), <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c36b7a05-9d2e-4244-bb23-a48d8d0e4880\" style=\"\">acquired an 89.5% stake<\/a><\/span><span>in the company last October. Giza employs some 1k people across offices in Egypt, the Gulf, Africa, and the US and serves customers in 25 countries, according to its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/gizasystems.com\/about.html\" style=\"\">website<\/a><\/span><span style=\"font-weight:400;\">. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Expansion plans:<\/span><span style=\"\"> The company plans to invest an additional USD 100 mn by 2026 <\/span><span style=\"font-weight:700\">\u2014<\/span><span>including USD 30-40 mn this year \u2014 to expand into<\/span><span style=\"\"> other <\/span><span>Gulf countries including Bahrain and Oman, according to Sorour. The investment would be financed by Egyptian or Saudi banks, he said.<\/span><span style=\"\"> The company currently has offices in <\/span><span style=\"\">Riyadh, Dubai and Doha.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Giza Systems currently has a market share of 5\u201310% in Saudi Arabia<\/span><span style=\"\">, according to its <\/span><span style=\"font-weight:400;\">estimates, and hopes to up that to 20% in the next three years. The business reported total consolidated revenues of USD 350 mn in 2022, and it aims to hit USD 450 mn in 2023, Sorour said.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">AL BARAKA BANK EYEING TALY?<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Does Al Baraka Bank want a piece of BdC\u2019s Taly? <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.albaraka.com.eg\/\" style=\"\">Al Baraka Bank<\/a><\/span><span style=\"\"> wants to acquire <\/span><span>undisclosed shares in Banque du Caire\u2019<\/span><span>s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fe4520c4-14d6-4284-9f27-e0a88b98bbfa\" style=\"\">digital payments<\/a><\/span><span>subsidiary <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/taly.com.eg\/\" style=\"\">Taly<\/a><\/span><span> and has tapped <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/elite-ch.com\/\" style=\"\">Elite Consultancy House<\/a><\/span><span> to conduct a fair value study, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.alborsaanews.com\/2023\/03\/25\/1648856\" style=\"\">Al Borsa<\/a><\/span><span> reports, citing unnamed sources. Information about the size of investment and the timeline wasn\u2019t disclosed. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The tech company wants to buy Saudi firms that have Egyptian talent<\/p>\n","protected":false},"author":1,"featured_media":584130,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[72,932,125,7128,1601],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-584129","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-enterpriseam","tag-giza-systems","tag-investment-watch","tag-ma-watch","tag-saudi-telecom-company","wpautop","entry"],"acf":{"mongo_id":"19ed7e7d-824e-4d76-9d0e-f96ab964b7d6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/443.jpg","photo_position":"above","homepage_title":"STC\u2019s Giza Systems to spend up to USD 40 mn on acquisitions in 2023","full_issue_title":"STC\u2019s Giza Systems to spend up to USD 40 mn on acquisitions in 2023. 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The company didn\u2019t disclose the final value of the transaction, but said Giza Systems has an enterprise value of USD 158 mn, almost 10% above the initial valuation back in April.\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/141.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548632,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/16\/saudi-regulator-approves-stc-takeover-of-giza-systems\/","url_meta":{"origin":584129,"position":1},"title":"Saudi regulator approves STC takeover of Giza Systems","author":"enterpriseam admin","date":"16 August 2022","format":false,"excerpt":"Giza Systems is one step closer to being Saudi-owned: Saudi Arabia\u2019s competition watchdog has given the greenlight to Saudi Telecom\u2019s internet subsidiary to acquire a controlling stake in Giza Systems, it announced on social media on Sunday. Shareholders agreed to sell 89.5% of the company to Solutions by STC in\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":545596,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/05\/giza-systems-board-nods-to-stc-takeover\/","url_meta":{"origin":584129,"position":2},"title":"Giza Systems board nods to STC takeover","author":"enterpriseam admin","date":"5 April 2022","format":false,"excerpt":"STC is taking a majority stake in Giza Systems: A subsidiary of Saudi Telecom (STC) is on course to take an 89.5% stake in Giza Systems, after the board of the Egyptian systems integrator accepted its bid, it announced in a statement (pdf) yesterday. Solutions by STC went public with\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/127.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549590,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/22\/bids-for-alex-medical-arent-adding-up-b-investments-approves-fair-value-study-ahead-of-giza-systems-sale\/","url_meta":{"origin":584129,"position":3},"title":"Bids for Alex Medical aren\u2019t adding up + B Investments approves fair value study ahead of Giza Systems sale","author":"enterpriseam admin","date":"22 September 2022","format":false,"excerpt":"A tale of two fair value studies: Things are not looking up for the Tawasol Holdings-LimeVest consortium\u2019s bid to acquire Alex Medical, as a fair value study from Andersen adds weight to the board\u2019s suggestion that the bid undervalues the company. 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