stc’s expansion strategy results in a $158 million acquisition deal
In continuation of its efforts to invest in technology
Riyadh, April 4, 2022: In continuation of stc Group’s strategy of expansion and digital services, and after the success achieved in the IPO of solutions by stc, “solutions by stc” announced its intention to acquire Giza Systems Company, by signing solutions a binding offer with Energy Technologies to acquire a percentage of 89.49% of Giza Systems Company LLC, which is owned by Energia Technologies. Also, solutions by stc will acquire 34% of the stake owned by Giza Systems Company (LLC) in Giza Arabian Systems Company Ltd., with a total value of 158 million dollars.
This acquisition represents a strategic step enables solutions by stc to expand in global markets and move forward towards achieving the goals of the company and stc group’s strategy. It is the first step of its kind for solutions to enhance its position inside and outside the Kingdom as a pioneer in digital transformation through its international investments. This acquisition is also an extension of solutions’ plans to create expansion in new markets and business lines, with the aim of meeting the needs of its clients in the public and private sectors.
The acquisition of “Giza Systems” comes within the expansion plans of stc Group to continue to lead the digital transformation in the Kingdom, which is witnessing huge and qualitative leaps in light of Vision 2030, which places digital transformation as one of the main pillars to achieve it, as solutions plays a leading role in enabling digital transformation and contributing to Shaping the new digital future in the Kingdom, by providing innovative and integrated digital solutions being the technical arm of stc Group. It also represents a strategic step for external expansion and an opportunity to consolidate and enhance the Kingdom’s position and the strength of its telecommunications and information technology sector, as an extension of the leadership of stc Group.
Giza Systems is a pioneer in information technology and offering technical solutions with more than forty years of experience, as it has developed into a regional force in enabling digital transformation, systems integration, and emerging technologies in the Middle East and Africa. And that through its offices in each of the Kingdom, the United Arab Emirates, Qatar, and the United States of America and its wide customer base in more than 25 countries.
