Riyadh: Solutions by stc, the enabler of digital transformation in Saudi Arabia and the region, has completed the acquisition of 40% of Devoteam Middle East, a subsidiary of the globally renowned Devoteam Group, a leader in digital consulting, according to a press release from stc.

The total value of Devoteam Middle East is approximately SAR741.7 million.

This acquisition was done after obtaining the necessary regulatory approvals; it solidifies the formalization of the deal issued by the relevant authorities in the Kingdom.

Solutions by stc had signed a binding offer and first unveiled details of the transaction in June 2023.

According to the release, this strategic acquisition seamlessly aligns with the growth trajectory outlined by stc Group and Solutions by stc, which focuses on expanding into new markets and emerging business sectors.

The move “strategically positions both entities to capitalize on investment opportunities within the dynamic landscapes of the information and communication technology sector across the Kingdom and the broader region”, according to the release.

Solutions by stc CEO Eng. Omer Abdullah Alnomany said: "This acquisition marks a strategic alliance between Solutions by stc and Devoteam Middle East, paving the way for a broader and more diversified business portfolio for both organizations. Our collaborative efforts will deliver seamlessly integrated and innovative services, adhering to the highest digital standards to meet evolving market demands for technological products and digital solutions within the Kingdom and the wider region."

The move, he said, “empowers clients of both companies to navigate the continuous evolution and innovation in technology services and digital products, expediting their digital transformation journeys toward business growth and sustainability”.

Devoteam in the Middle East Group Executive Vice President and Managing Partner Eng. Osama Ghoul said the partnership with Solutions by stc “marks a significant milestone for our company, solidifying our presence in the Middle East”, stressing that "Solutions by stc stands as a cornerstone in driving digital transformation within the Kingdom of Saudi Arabia, and Devoteam stands out as a frontrunner in the realm of digital consulting”, and that “together, we are united in our vision to expand the delivery of premium digital services to a broader customer base across the region, from strategy development through design to execution".

Devoteam Middle East is a leading force in the region's digital consulting domain, holding the largest market share in Saudi Arabia's digital consulting market, according to the IDC Global Market Research Report published in 2022. The company has a “robust presence across local, regional, and global markets, coupled with extensive expertise in digital transformation, cybersecurity, cloud solutions, business process optimization, and automation”.