Noventiq, a global provider of digital transformation and cybersecurity solutions and services, closed the deals to acquire UAE-based Seven Seas Technology (SST).
Source: Pixabay.com
In June last year, Noventiq (the new trading name of Softline Holding PLC) agreed to acquire Seven Seas Technology. The implementation of this transaction contributes to the intensification of the company’s activities at the international level and strengthens its position in the financial services markets of the Middle East and Africa. The firm’s concept of global expansion provides for achieving the corresponding goal through mergers and acquisitions.
After the deal is implemented, Seven Seas Technology will continue to operate under its existing brand. A new inscription “a Noventiq company” will appear in the company’s logo. The main office of the company will continue to be located in Dubai. The firm will also retain its current staff.
CEO Nayagam Pillai of Seven Seas Technology will continue to lead the company. Hervé Tesslea, president and chief Operating Officer of Noventiq, has been appointed a member of the firm’s board of directors.
Igor Borovikov, the founder of Noventiq and a member of the Board of Directors of Noventiq, believes that the implementation of the transaction is an important precedent for the company, which allows it to expand and strengthen its presence in the Middle East and African financial markets. He also noted that the appearance of a new technological platform in the firm’s ownership structure contributes to the formation of growth potential.
Herve Tessler, president, and Chief Operating Officer of Noventiq stated that Seven Seas Technology is an exceptional company with experienced employees and a leadership team. He also noted that after the implementation of the transaction, the firm’s presence in the Middle East and Africa will increase.
A recent IDC study predicts that Microsoft’s cloud ecosystem in the UAE will generate new revenues of about $27 billion over the next four years. Herve Tessler believes that this is not the main prospect of activity in this region, but one of the many opportunities. He called the introduction of solutions and services in the field of digital transformation and cybersecurity the right direction of development, which will have long-term positive results.
Atul Ahuja, Noventiq’s senior vice president for the Middle East, Africa, and Asia, said that the UAE market is mature and strategically important. He also noted that in this country, digital transformation is perceived as a priority area of activity not only by enterprises but also by the creators of government initiatives in the field of providing services to citizens.
As we have reported earlier, Shopify announced acquisition of influencer marketing startup.
Serhii Mikhailov
Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.
