Riyadh, Saudi Arabia — Solutions by stc has completed the acquisition of 40% of Devoteam Middle East, a subsidiary of the globally renowned Devoteam Group, a leader in digital consulting.
The total value of Devoteam Middle East is approximately SAR741.7 million.
Solutions by stc had signed a binding offer and first unveiled details of the transaction in June 2023.
Solutions by stc said this acquisition aligns with the growth trajectory outlined by stc Group and Solutions by stc, which focuses on expanding into new markets and emerging business sectors.
Devoteam Middle East holds the largest market share in Saudi Arabia’s digital consulting market, according to the IDC Global Market Research Report published in 2022.
Solutions by stc CEO Eng. Omer Abdullah Alnomany said, “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.”
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”.