Solutions’ Pulse eyes Gulf listing by 2028

STC’s digital arm is lining up another listing — and turning Egypt into the cost base behind it. Solutions by STC, the Tadawul-listed digital arm of STC Group, plans to float its systems-integration subsidiary Pulse by Solutions (formerly Giza Systems) on a regional exchange by 2028 at the latest, Pulse CEO Ahmed El Harany told reporters at a briefing EnterpriseAM attended. Tadawul is one of three exchanges in the running.

Tadawul, Cairo, or Abu Dhabi: Solutions by STC is targeting the IPO by 2028, with Saudi Arabia, Egypt, and the UAE all under review and no venue settled, El Harany tells EnterpriseAM. He didn't disclose the size of the stake or the proceeds sought. “The capital markets need to be ready to absorb a company of this size,” he said, adding that the decision will come “at the right time.” To prep, management is running a three-year restructuring that began in 2025 to tighten governance and meet listed-company standards, and is working with a financial adviser on listing readiness.

The Egypt cost play: The unit Solutions by STC bought in 2022 is flipping its revenue mix to capitalize on Egypt’s lower operating costs, El Harany said. Foreign business — once representing 40% of revenues against 60% domestic — will climb to 75% by mid-2026, with a target of 90% from exports next year.

BACKGROUND- Solutions by STC acquired an 88.19% stake in Giza Systems for an enterprise value of USD 158 mn in October 2022, its first acquisition of its kind, and rebranded the company Pulse by Solutions in May.

The road to USD 1 bn: Pulse posted SAR 2.6 bn in turnover last year — roughly USD 690 mn — and is targeting USD 1 bn by 2028, a climb of around 45%. El Harany said the company plans to get there on the following tracks:

• Acquisitions, funded from revenues and backed by the Saudi parent, across three target sectors — digital banking, digital health, and applied AI use cases.
• Talent exports beyond engineers: Pulse has moved past software engineers into technical labor for the first time, sending around 200 Egyptian technicians abroad to staff digital transformation projects. The 3k-person company plans to hire 1k-1.5k workers a year to keep pace.

What’s next? Pulse will announce a regional outsourcing center in New Cairo's Fifth Settlement in 3Q — starting at 1k staff, targeting 3k, and serving the whole of STC Group, El Harany said. Beyond its existing presence in Saudi Arabia, Oman, Bahrain, Kenya, and Tanzania, Pulse will soon announce projects in Algeria and East Africa, with the northern and eastern Mediterranean targeted by 2027.