Saudi Arabian Internet and Communications Services Co. (solutions by STC) announced a binding offer to acquire 89.49% of Giza Systems Co. from Inergia Technologies for Information Systems, in addition to 34% of Giza Arabia, a subsidiary of Giza Systems.
In a statement to Tadawul, solutions said the transaction will be based on an enterprise value of $158 million, to be paid in cash.
Solutions said the acquisition is part of STC’s expansion plans and solutions’ strategic plans to lead digital transformation in Saudi Arabia.
It represents a strategic step in line with solutions’ international expansion strategy and an opportunity to enhance the Kingdom’s position and its information and communication technology (ICT) sector.
Digital transformation in the Kingdom has been witnessing a strong qualitative leaps, in light of Vision 2030, which places digitalization as one of its key pillars.
Solutions plays a leading role in enabling digital transformation and contributing to the Kingdom’s digital future by providing innovative and integrated digital solutions, being STC’s technology arm.
It is a leading IT service provider in the Kingdom’s business sector. It started operations over two decades ago and provided digital solutions for the public and private sectors. It has a strong experience through partnerships with more than 150 global and local partners.
The statement said Giza Systems is an information technology leading systems integrator that provides many technical solutions.
It has a track record of more than 40 years and has developed to become a regional power, digital transformation enabler and a leader in systems integration in the Middle East and North Africa region.
Giza Systems has offices in Saudi Arabia, the United Arab Emirates, Qatar and the United States, which allows it to provide its services to an ever-increasing client base in over 25 countries.
CEO of solutions Omar al-Noamani said the acquisition reflects the company’s intention to enhance its position in global markets, such as the UAE, Egypt and Qatar, and to enter new markets and expand business lines to meet the evolving needs of its customers and investor expectations.
