Saudi Arabia’s Digital reach extends globally, with the Arabian Internet and Communications Services Co. acquiring a 40 percent stake in Devoteam Middle East.
The investment, totaling SR296.69 million ($79.1 million), solidifies the position of the company, also known as Solutions by stc, in the digital market. The completion of the acquisition of Devoteam Group’s regional subsidiary leads to a valuation of SR741.7 million for the acquired company, as reported by the Saudi Press Agency.
This strategic move aligns with the growth strategy of the stc group and Solutions by stc, aiming to explore new markets and promising business sectors. The initiative leverages investment opportunities within the communications and information technology divisions in both the Kingdom and the broader region.This development aligns with the official launch of Google Cloud’s services in the Kingdom and the establishment of the firm’s local data centers.