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iot squared Acquires Machinestalk to Reinforce IoT Technologies

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)
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iot squared Acquires Machinestalk to Reinforce IoT Technologies

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)

iot squared, a joint venture between Saudi Telecom Company and the Public Investment Fund, has signed a binding agreement to acquire 100 percent of technology company Machinestalk, which focuses on the Internet of Things.

This coincides with meeting the growing demand for IoT technologies in the Middle East and achieving the Kingdom’s vision to pioneer in digital transformation.

The acquisition will accelerate iot squared's growth and solidify its position as the leading provider of IoT solutions in the Kingdom.

iot squared aims to champion IoT adoption in the region by being a technology-neutral service provider with solutions elevating the smart industrial manufacturing sector, smart logistics transportation industry, and smart cities.

In a quest to expand its services and products, iot squared has signed 13 agreements since its establishment with the aim of accelerating the adoption of the latest IoT technologies in the Kingdom and region.

This acquisition is an expansion to reinforce the role of PIF in backing the accelerating growth of the digital economy in the Kingdom and that of stc in adopting advanced digital technologies and leading digital transformation in the region.

Commenting on the acquisition, Othman Al-Dahash, CEO of iot squared, said: “As we continue to strengthen our position as the national IoT champion, in line with our bold strategy, we are eager to play a pivotal role in supporting Saudi Arabia’s ambitions to lead the region’s digital transformation and adoption of emerging technologies.”

The acquisition will augment iot squared’s capabilities across the IoT value chain. Machinestalk’s applications complement iot squared’s three key verticals: smart cities, Industry 4.0, and smart mobility and logistics, through which the Company supports governments, enterprises, and SMEs across the MENA region, he added.

The acquisition represents an important milestone in the collaboration between PIF and stc as this reflects the major investment strategy in the products and services in ICT industry, including investments in digital clouds, cybersecurity, FinTech, and digital entertainment.

Machinestalk is one of the largest Saudi companies in the IoT domain, founded in 2015 as a subsidiary of NOMD Holding.

In April, the PIF and stc signed a partnership agreement to establish iot squared.

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Putin Says Recession in Russia 'Must Not Be Allowed to Happen'

Putin wants officials to keep a 'close eye on all indicators of the health of our industries, companies and even individual enterprises'. Olga MALTSEVA / AFP
Putin wants officials to keep a 'close eye on all indicators of the health of our industries, companies and even individual enterprises'. Olga MALTSEVA / AFP
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Putin Says Recession in Russia 'Must Not Be Allowed to Happen'

Putin wants officials to keep a 'close eye on all indicators of the health of our industries, companies and even individual enterprises'. Olga MALTSEVA / AFP
Putin wants officials to keep a 'close eye on all indicators of the health of our industries, companies and even individual enterprises'. Olga MALTSEVA / AFP

President Vladimir Putin on Friday urged officials not to let Russia fall into recession "under any circumstances", as some in his own government warned of a hit to economic growth.

Economists have warned for months of a slowdown in the Russian economy, with the country posting its slowest quarterly expansion in two years for the first quarter of 2025, reported AFP.

The Kremlin has said this was to be expected after two years of rapid growth as it ramped up military expenditure to fund the Ukraine campaign, but officials including the country's economy minister have raised alarm about possible pain ahead.

"Some specialists and experts are pointing to the risks of stagnation and even a recession," Putin told attendees at Russia's flagship economic forum in Saint Petersburg.

"This must not be allowed to happen under any circumstances," he said.

"We need to pursue a competent, well-thought-out budgetary, tax and monetary policy," he added.

The Russian economy grew in 2023 and 2024 despite the West's sweeping sanctions, with massive state spending on the military powering a robust expansion.

But analysts have long warned that heavy public investment in the defense industry is no longer enough to keep Russia's economy growing and does not reflect a real increase in productivity.

At his address to the forum on Friday, Putin was upbeat about Russia's economic prospects and denied the economy was being driven solely by the defense and energy industries.

"Yes, of course, the defense industry played its part in this regard, but so did the financial and IT industries," he said.

He said the economy needed "balanced growth" and called on officials to keep a "close eye on all indicators of the health of our industries, companies and even individual enterprises."