Saudi Arabia’s information security company Elm will acquire digital information services company Tabadul from the Public Investment Fund. This deal is likely to result in forming a strategic technical system in logistics.
Elm said it will acquire all of Tabadul’s shares. However, Tabadul’s current management will continue to lead its operations and will report to the existing board of directors, on which Elm will be represented. It will also maintain its trademark.
“As an active investor, PIF is committed towards the growth of its portfolio companies throughout their business life cycle while seeking opportunities for synergies and collaboration between them,” the fund said.
Commenting on this, PIF added that “this acquisition will contribute to the realization of Vision 2030 by creating a logistics national champion and will benefit the KSA economy through integrating the logistics value chain. It is also in line with PIF’s mandate of supporting digital transformation in key sectors in accordance with PIF’s program in this regard.”
“The combination of Elm and Tabadul will create a one-stop-shop that will cater to the entire logistics value chain, thus accelerating its targeted sector expansion strategy,” said Abdulrahman Aljadhai, chief executive of Elm.
Abdulaziz Alshamsi, chief executive of Tabadul, revealed that the deal will cover the development of the company’s work throughout the coming years in a way that best serves sectors of customs, ports and airports.