19 August 2008
The Al Futtaim Group has acquired Dubai-based Futech Software Solutions, an integrated Information Technology focused business service provider.
The value of the deal was not revealed.
The group will use Futech's expertise in the business IT advisory space to provide customers with a comprehensive range of business solutions. The acquisition is seen as a catalyst in the acceleration of Al Futtaim Group's leading position in enterprise IT. Futech will operate independently under the Group structure as a strategic business unit under the Al Futtaim Technologies umbrella.
Al Futtaim Technologies is one of the region's leading systems integrators and a part of the Group's Electronics, Engineering and Technologies division.
Prior to the acquisition, Al Futtaim partnered with Futech on a few projects including a recent Dubai Bank CRM project where Futech acted as the system integrator. Futech operates in verticals such as banking and finance including Islamic banking. The firm has several horizontal business offerings covering areas such as data warehousing, data cleansing and IT modernisation.
"The combination of strengths inherent in the two entities represents an enormous opportunity for users and organisations of all sizes seeking innovation, growth and choice. It also creates a company with substantial scale and resources to deliver industry leading products and services that address the rapidly expanding business optimisation market," Vishesh Bhatia, Group Director (Electronics, Engineering and Technologies), Al Futtaim Group said.
"There are very few specialised boutique companies around who have an impressive list of deliverables and satisfied clients. We will now be able to accelerate investments, meet a wider set of customer needs through a richer solution set resulting in a significantly better opportunity to grow into new markets.
"This broadens our product portfolio, enabling us to deliver end-to-end business IT solutions across all sectors," he said.
The Al Futtaim Group has acquired Dubai-based Futech Software Solutions, an integrated Information Technology focused business service provider.
The value of the deal was not revealed.
The group will use Futech's expertise in the business IT advisory space to provide customers with a comprehensive range of business solutions. The acquisition is seen as a catalyst in the acceleration of Al Futtaim Group's leading position in enterprise IT. Futech will operate independently under the Group structure as a strategic business unit under the Al Futtaim Technologies umbrella.
Al Futtaim Technologies is one of the region's leading systems integrators and a part of the Group's Electronics, Engineering and Technologies division.
Prior to the acquisition, Al Futtaim partnered with Futech on a few projects including a recent Dubai Bank CRM project where Futech acted as the system integrator. Futech operates in verticals such as banking and finance including Islamic banking. The firm has several horizontal business offerings covering areas such as data warehousing, data cleansing and IT modernisation.
"The combination of strengths inherent in the two entities represents an enormous opportunity for users and organisations of all sizes seeking innovation, growth and choice. It also creates a company with substantial scale and resources to deliver industry leading products and services that address the rapidly expanding business optimisation market," Vishesh Bhatia, Group Director (Electronics, Engineering and Technologies), Al Futtaim Group said.
"There are very few specialised boutique companies around who have an impressive list of deliverables and satisfied clients. We will now be able to accelerate investments, meet a wider set of customer needs through a richer solution set resulting in a significantly better opportunity to grow into new markets.
"This broadens our product portfolio, enabling us to deliver end-to-end business IT solutions across all sectors," he said.
By Staff Writer
© Emirates Business 24/7 2008
