Noventiq, a digital transformation and cybersecurity solution developer, has acquired UAE-based Seven Seas Technology.
The size of the deal was not disclosed.
This deal aims to bolster Noventiq’s presence in the Middle East and Africa and is part of its global expansion efforts through M&A.
As part of the deal, Seven Seas Technology will continue to operate under its existing brand, whilst incorporating “a Noventiq company” into its logo. The company will also keep its Dubai headquarters and will retain its employee base.
Finally, CEO Nayagam Pillai will continue to lead the company and Seven Seas Technology has appointed Noventiq president and COO Hervé Tessler to be part of their board of directors.
Noventiq is a global provider of digital tools, including cloud solutions, cybersecurity, hybrid infrastructure, business solutions and more.
Speaking on the deal, Noventiq president and COO Hervé Tessler said, “Seven Seas Technology is an exceptional company with a seasoned workforce and leadership team, with whom we’ve already started to work. Having closed the acquisition, I can say that I am truly excited to see Noventiq grow within the Middle East & Africa region, and I am very proud to be part of their Board of Directors.
“I recently read a study from IDC which predicts that the UAE Microsoft Cloud ecosystem will generate new revenues of some US$27 billion over the next four years. This is just the tip of the iceberg in terms of the potential we see for businesses in this country, and region, to implement digital transformation and cybersecurity solutions and services.”
Noventiq founder Igor Borovikov added, “The closure of this acquisition represents an incredible step in Noventiq’s journey as it sets a precedent for the company to establish its footprint in a region with an enormous potential for growth. For me, as the founder of Softline, now rebranded as Noventiq, it is a great pride to see the company expanding to other markets, to attract excellent talent from different regions, and to witness its success.”
Earlier in the week, RegTech platform Themis formed a strategic partnership with Diligencia, a provider to corporate data in the Middle East and Africa, to help combat fraud.
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global