According to the Tadawul announcement dated 04 February 2024, Arabian Internet and Communications Services Co.(7202.SA), known as Solutions, has finalized the acquisition of a 40% stake in Devoteam Middle East. This strategic move, completed on 01 February 2024, involved a cash transaction of AED 726.3 million (approximately SAR 741.7 million) for the total enterprise value, funded entirely from Solutions' own resources. This acquisition follows the non-objection issued by the General Authority for Competition on 19 November 2023, as per decision number 721, marking a significant milestone in Solutions' expansion and diversification efforts.

The acquisition is aimed at enhancing Solutions' service offerings, incorporating integrated and innovative services with the latest digital practices to address the evolving needs for technical products and digital solutions in Saudi Arabia and the broader region. This strategic move aligns with Solutions' LEAP strategy, focusing on growth and expansion into new and promising business areas to facilitate digital transformation for its clients and deliver superior value to its shareholders.