Riyahd - Shairkat Mubasher: Saudi Arabia’s Iot squared signed a binding agreement to acquire 100% of the pioneer iot solutions and applications provider, Machinestalk.
By this acquisition, iot squared takes a steady step in the Saudi market since its establishment as it will boost growth and strengthen its presence as a leading IoT solutions provider in the region, the company announced in a recent statement.
iot squared founded in 2022 as a joint venture between the Public Investment Fund (PIF) and Stc Group, the prominent engine of digital transformation in MENA. It plays a significant role in the adoption of IoT technologies in different sectors via providing industry-leading IoT solutions and real-time insights into Saudi Arabian market.
The acquisition is considered a milestone in the PIF-Stc cooperation as it reflects the major investment strategy in the products and services in ICT industry, including investments in digital clouds, cybersecurity, fintech and digital entertainment. These investments serve Saudi Arabia’s Vision 2023 in leading digitization in the region.
The complete acquisition will augment iot squared’s potentials across the iot value chain as Machinestalk’s application will complete the joint venture’s three key verticals: smart cities, Industry 4.0, and smart mobility and logistics. Accordingly, this will support governments, enterprises, and SMEs across the MENA region.
“We are pleased to announce signing a binding agreement to acquire 100% of Machinestalk, which steers to an exciting new chapter in our growth story. As we continue to strengthen our position as the national iot champion, in line with our BOLD strategy, we are eager to play a pivotal role in supporting Saudi Arabia’s ambitions to lead the region’s digital transformation and adoption of emerging technologies. Furthermore, by fully realizing the potential of iot and unlocking the value of connected things, we are committed to enabling a ‘connected Kingdom’ and turning the knowledge-based economy from a concept into reality,” Othman Al Dahash, CEO of iot squared, said.
Moreover, the acquisition will add value for iot squared through Machinestalk’s strong field services capabilities, technology, delivery teams, internal development capabilities and a wide range of product offerings. Hence, iot squared will be the local iot leader in Saudi Arabia that covers a wide range of focus cases and enables public and private sectors to unlock value.
Collaborating with industry leaders, iot squared introduces the iot eco-system in the Middle East, in addition to advancing local digital transformation plans.
Founded in 2015, Machinestalk plays a major role as one of the largest Saudi companies in the iot domain, delivering diversified solutions that focus on smart mobility, smart cities and industrial iot.
