Noventiq (LSE: SFTL), the global digital transformation and cybersecurity solutions and services provider, announced today that the acquisition of UAE-based Seven Seas Technology (SST) has been closed.
In June 2022, Noventiq (the new trading name for Softline Holding PLC) signed an agreement to acquire Seven Seas Technology. The transaction strengthens Noventiqâ€™s presence in the Middle East and Africa, as part of its global expansion through M&A.
With the closing of the deal, Seven Seas Technology will continue to operate under its existing brand while incorporating â€˜a Noventiq companyâ€™ into its logo. The company, which will continue to be headquartered in Dubai, will also be retaining its employee base. While CEO, Nayagam Pillai, will continue to lead the company, Seven Seas Technology has appointed HervÃ© Tessler, Noventiqâ€™s President and COO, to be part of their Board of Directors.
Igor Borovikov, Noventiq founder and member of the Board of Directors at Noventiq, commented:
â€œThe closure of this acquisition represents an incredible step in Noventiqâ€™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.â€
HervÃ© Tessler, President and COO at Noventiq, commented:
â€œSeven Seas Technology is an exceptional company with a seasoned workforce and leadership team, with whom weâ€™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.â€
Atul Ahuja, Senior Vice President of Middle East, Africa and Asia, says:
“UAE is a very strategic and mature market. Digital transformation is a priority not just for all enterprises but for governmentâ€™s initiatives towards citizen services as well. With rich history of 40 years of operations in UAE, Seven Seas a Noventiq company is well poised to offer our global expertise around Cloud, Security and Managed Services in the local market.”
Nayagam Pillai, CEO of Seven Seas Technology, added:
â€œWe started out almost 40 years ago and have built a reputation in our home market for being able to innovate processes and increase overall productivity. Joining Noventiq has presented a great opportunity for our team to apply that expertise to some very exciting projects in the region and beyond.â€