Combined synergy to deliver industry leading services
Dubai, August 18, 2008: Al-Futtaim Group today announced the acquisition of Dubai-based Futech Software Solutions, an integrated Information Technology focused business service provider.
Futech operates in verticals such as banking and finance including Islamic banking. The company has several horizontal business offerings covering areas such as data warehousing, data cleansing and IT modernisation. 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.
Founded in 2006, 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.
Vishesh Bhatia, Group Director (Electronics, Engineering & Technologies), Al-Futtaim Group said: "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.
"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 added.
Anil Kumar, Managing Director, Futech Software Solutions said: "Operating within the Al-Futtaim Group is the fastest way to bring our combined expertise to the market on a large scale. Our synergies are obvious and have found that we share the same values. We will now enhance our ability to deepen our existing customer relationships and create new opportunities with enterprise-wide business solutions," he said.
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.
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About Al-Futtaim Group
The Al-Futtaim Group was established in the 1930s as a trading enterprise. Rapid development throughout the 1940s and 50s saw it establish itself regionally as an integrated commercial, industrial and services organisation, positioning itself as one of the leading business organizations in the lower Gulf region. Today, it operates collectively over 40 companies bearing the Al-Futtaim name, dominates many market segments in the UAE, and has expanded its sphere of operations to include Bahrain, Kuwait, Qatar, Oman, Egypt, Singapore and Pakistan.
About Al-Futtaim Technologies
Al-Futtaim Technologies, one of the leading regional systems integrators and a member of the Al-Futtaim Group, provides complete business solutions to large, medium and small customers. These include Networking solutions, IP Telephony, Infrastructure, Contact Centre solutions, Business applications, ELV Systems, Professional Audio Visual Solutions, and Managed Services. Al-Futtaim Technologies provides a comprehensive range of solutions by working with best-in-class brands such as Panasonic, Alcatel-Lucent and Microsoft Business Solutions amongst others to deliver a full spectrum of business solutions to customers.
About Futech Software Solutions
Futech is a provider of mature business thinking and helps in providing integrated consulting, processing services and products, engineered by financial services experts exclusively for the financial services industry. Futech offers seamless consulting service leveraging business and technology expertise. Futech's expertise includes business strategy, operational process design, business and technology architecture, program and project management, technology development, implementation, and change management.
For more information, please contact:
David D'Souza
Director - Public Relations
GMASCO Marketing Communications
An Al-Futtaim group company
Tel: +971 4 2282101
Fax: +971 4 2279801
Email: David.DSouza@gmasco.com
Web: www.al-futtaim.com
© Press Release 2008
