[Paris, 2023 June 19] – Devoteam Middle-East, the leading IT consulting company in the Middle East, announces a significant milestone on its growth journey. “solutions by stc” (TADAWUL: 7202), the leading enabler of digital transformation in Saudi Arabia and a subsidiary of the Saudi Telecom Company – STC, has entered into a binding agreement to acquire a minority stake of 40% in Devoteam Middle-East.
This strategic partnership brings together two industry leaders, combining Devoteam’s exceptional expertise in digital transformation and consulting [named by IDC as the #1 IT Consulting Company in the Kingdom of Saudi Arabia according to the latest IDC Technology Segment Report] with “solutions by stc” strong regional presence and extensive portfolio of Information and Communication Technology (ICT )services. The collaboration aims to accelerate the expansion of Devoteam’s consulting business across the Middle East and establish the most powerful IT services partnership in Saudi Arabia and the Middle East.
“We are delighted to forge this important partnership with solutions by stc,” stated Godefroy de Bentzmann [co-CEO at Devoteam]. “Their profound knowledge of the local market and robust IT infrastructure, networks and outsourcing services will perfectly complement our digital transformation consulting, cybersecurity and business process capabilities in the Middle East. Together, we will provide unparalleled IT solutions to our clients, catering to their evolving needs and driving the digital transformation of their businesses.”
Devoteam, alongside ORTLL Investment Ltd, has agreed to sell a 40% minority stake in Devoteam Middle-East to “solutions by stc”. Devoteam will retain control of the subsidiary, ensuring continuity of the management team under the leadership of Osama Ghoul, [Devoteam Group Executive Vice President, & Managing Partner of Devoteam Middle East]. The parties have signed a binding offer and the transaction, subject to final documentation and regulatory approvals, is expected to be completed within the next three months.
This strategic alliance will unlock tremendous synergies between the companies and enable the pursuit of larger projects, generating commercial advantages for Devoteam Middle-East, especially on Public Sector and Saudi Government digital transformation and in alignment with the Saudi Vision 2030. The partnership further strengthens Devoteam’s position as the market leader in the Middle East and reinforces its commitment to delivering transformative digital solutions and exceptional value to its clients.
“Joining forces with “solutions by stc” represents a new chapter in our development , and it also demonstrates our dedication to the Kingdom of Saudi Arabia,” added Osama Ghoul. “solutions by stc” is recognized as a key player in enabling digital transformation in the Kingdom. Together, we will leverage our combined strengths to address the unique challenges organisations in the region confront and drive their success in the digital era. We are excited about opportunities that lie ahead.”
About Devoteam Middle-East
Devoteam Middle-East is the leading IT consulting company in the Middle East, specialising in digital transformation, cyber and cloud solutions, and business process optimiszation. With a 650 consultant and strong presence in the region for over 20 years, Devoteam Middle-East empowers organisations to navigate their digital journeys and achieve sustainable growth. Learn more at me.devoteam.com
Devoteam is a digital, cloud, cybersecurity, and data consulting company operating in over 20 countries in EMEA. By combining technology, creativity and data, Devoteam helps its clients to digitally transform their business to unleash their full potential. With over 10,000 employees in Europe, the Middle East and Africa, Devoteam has been committed to putting technology at the service of people for over 25 years.
About solutions by stc
“solutions by stc” is the leading enabler of digital transformation and the number one IT service provider in the Kingdom of Saudi Arabia, enabling the public and private sectors to transform, reach and scale into a new digital age.
“solutions by stc” provides clients integrated technology solutions through a broad portfolio that enhances their day-to-day operations. Its core ICT services are designed to enable, manage and scale businesses.
“solutions by stc” has a 25-year track record and to date has serviced various clients in key sectors, including financial services, healthcare, education among others.