Noventiq closes Seven Seas Technology acquisition
14/02/2023 09:24
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RNS Number : 8729P Softline Holding PLC 14 February 2023
Softline Holding plc
("Noventiq" or the "Company")
Noventiq closes Seven Seas Technology acquisition
London, 14 February 2023.- 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
Noventiq'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 'a Noventiq company' 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 Hervé Tessler,
Noventiq'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: "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."
Hervé Tessler, President and COO at Noventiq, commented: "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$27 billion
over the next four years
(https://news.microsoft.com/en-xm/2022/06/20/microsoft-uae-customers-share-digitisation-success-stories-on-third-anniversary-of-local-data-centres-launch/)
. This is just the tip of the iceberg in terms of the potential we see for
businesses in this country, and region, to implement digital transformation
and cybersecurity solutions and services."
Atul Ahuja, Senior Vice President of Middle East, Africa and Asia, says: "UAE
is a very strategic and mature market. Digital transformation is a priority
not just for all enterprises but for government's initiatives towards citizen
services as well. With rich history of 40 years of operations in UAE, Seven
Seas a Noventiq company is well poised to offer our global expertise around
Cloud, Security and Managed Services in the local market."
Nayagam Pillai, CEO of Seven Seas Technology, added: "We started out almost 40
years ago and have built a reputation in our home market for being able to
innovate processes and increase overall productivity. Joining Noventiq has
presented a great opportunity for our team to apply that expertise to some
very exciting projects in the region and beyond."
Contacts:
Steven Salter Rocio Herraiz
Global Investor Relations VP Global Head of Communications
ir@noventiq.com (mailto:ir@noventiq.com) pr@noventiq.com (mailto:pr@noventiq.com)
About Noventiq
Noventiq is a leading global solutions and services provider in digital
transformation and cybersecurity, headquartered and listed in London. The
company enables, facilitates and accelerates digital transformation for its
customers' businesses, connecting 75,000+ organisations from all
sectors with hundreds of best-in-class IT vendors, alongside its own services
and solutions.
Noventiq - led by a highly qualified board of directors including Jacques
Guers, Roy Harding, Igor Borovikov, Karl Robb, Marc Kasher, and Sergey
Chernovolenko - reported a turnover of US$ 1.1 billion in the fiscal year of
2021, and is currently one of the fastest growing companies in the sector. In
October 2021, company 'Softline Holding plc' received its primary listing on
the London Stock Exchange (LSE:SFTL).
Noventiq's 5,700 employees work in almost 60 countries throughout Asia, Latin
America, Eastern Europe and Africa-markets with significant growth potential.
Additional information about the company can be found here:
https://noventiq.com/ (https://noventiq.com/)
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