Saudi Arabia’s SDAIA Signs MoU with Int’l Software Developer at LEAP 23

Saudi Arabia’s SDAIA Signs MoU with Int’l Software Developer at LEAP 23
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Saudi Arabia’s SDAIA Signs MoU with Int’l Software Developer at LEAP 23

Saudi Arabia’s SDAIA Signs MoU with Int’l Software Developer at LEAP 23

Saudi Data and Artificial Intelligence Authority (SDAIA) has signed a memorandum of understanding with NetApp global software company to provide high-quality and fast-growing Cloud services.

This comes as part of SDAIA’s work on empowering government institutions with digital services to achieve the objectives of the Saudi Vision 2030.

The memorandum was signed during SDAIA’s participation in the LEAP Conference, held on February 6-9.

Under the MoU, the two sides will build a comprehensive strategy for services, exchange expertise in commercial and technical service operations, and cooperate to decrease the environmental impact of Cloud services.



Software Maker Dye & Durham Gets Unsolicited $940 mln Go-private Offer

Software Maker Dye & Durham Gets Unsolicited $940 mln Go-private Offer
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Software Maker Dye & Durham Gets Unsolicited $940 mln Go-private Offer

Software Maker Dye & Durham Gets Unsolicited $940 mln Go-private Offer

Software maker Dye & Durham has received an unsolicited bid to take it private in a deal valued at C$1.34 billion, or C$20 per share, the Canadian company said on Tuesday, without disclosing the details of the bidder.

The company's second-largest shareholder, Plantro, has submitted a bid to take it private, Bloomberg News reported on Monday.

The offer represents a deal value of C$1.34 billion ($939.89 million), according to Reuters calculations.

The company, which had a market cap of about C$787 million based on its closing price on Friday, previously received four takeover bids in the low- to mid-$20s range late last year.

This offer, however, undervalues the company, analysts at Raymond James said in a note. "This appears to be a predatory bid to take advantage of the recent share price decline," the analysts added.

Plantro, which is controlled by former Dye & Durham CEO Matthew Proud, owns ~12.1% of the outstanding shares, data from LSEG shows.

Proud, along with his younger brother Tyler, grew the company from a C$4 million regional upstart to a C$2.56 billion giant before stepping down in November last year.

The company provides cloud-based software and technology solutions for legal and business professionals.

His exit was the culmination of a lengthy battle with discontented investors, who were against the company's debt-fueled acquisition strategy.

Last week, Dye & Durham shook up its board when chair Hans Gieskes — who was elected after a 10-month campaign by activist investor Engine Capital — stepped down from his positions.

Engine Capital's Arnauld Ajdler was made chair of the board, whereas Sid Singh succeeded Gieskes as interim CEO.