{"id":83070,"date":"2024-02-05T00:00:00","date_gmt":"2024-02-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/05\/solutions-by-stc-now-owns-40-of-devoteam-middle-east\/"},"modified":"2024-02-05T00:00:00","modified_gmt":"2024-02-05T00:00:00","slug":"solutions-by-stc-now-owns-40-of-devoteam-middle-east","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/05\/solutions-by-stc-now-owns-40-of-devoteam-middle-east\/","title":{"rendered":"Solutions by stc now owns 40% of Devoteam Middle East"},"content":{"rendered":"

Solutions officially<\/strong> grabs 40% of Devoteam Middle East:<\/strong> The Arabian Internet and Communications Services Company (Solutions), the tech subsidiary of telecom operator stc, has completed the acquisition of a 40% stake in Devoteam Middle East in a transaction valued at SAR 742 mn, it said in a disclosure to Tadawul<\/a> yesterday. <\/p>\n

We\u2019ve been expecting this:<\/strong> Solutions signed a binding offer in June last year<\/a> with France\u2019s Devoteam and Ortill Investment to acquire 40% of their digital consulting business in the region for SAR 742 mn. The General Authority for Competition (GAC) said in November it would not object<\/a> to the transaction. <\/p>\n

Better late than never: <\/strong>Solutions said last year it expected the acquisition to close in the fourth quarter of 2023. It remains unclear what caused the delay.<\/p>\n

Solutions said it bought the Devoteam stake to \u201cexpand and diversify the business scope <\/strong>of solutions<\/strong> to deliver integrated and innovative services with best digital practices to meet the market needs of technical products and digital solutions in the Kingdom and the region.\u201d<\/p>\n

In plain English: <\/strong>Devoteam provides cloud, business automation, cybersecurity, consulting and other services to help businesses make the leap to digital and create new online products and experiences. <\/p>\n","protected":false},"excerpt":{"rendered":"

The transaction was funded through solutions\u2019 own resources<\/p>\n","protected":false},"author":1,"featured_media":83071,"comment_status":"","ping_status":"open","sticky":false,"template":"","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":[2575],"tags":[845,847,10,848,14,844,846,2632,849],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-83070","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-acquisitions","tag-devoteam-middle-east","tag-enterpriseam-ksa","tag-giza-systems","tag-ma-watch","tag-mergers","tag-solutions-by-stc","tag-stc","tag-vas-integrated-solutions","wpautop","entry"],"acf":{"mongo_id":"729619e2-9a1e-4e98-91c8-b535cb49cab9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/1375.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Solutions by stc closes 40% acquisition of Devoteam Middle East","related_issue":[83064],"teaser":"The transaction was funded through solutions\u2019 own resources","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.26e7fcbf-f2bb-40d2-a394-f915cf74ff37.mp3"},"yoast_head":"\nSolutions by stc now owns 40% of Devoteam Middle East - 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