stc Group, the digital transformation enabler in the region, announced that IOT Squared, a subsidiary of the group and provider of Internet of Things solutions and technologies, a company owned equally between the Public Investment Fund and stc Group, has signed a binding agreement to acquire 100% of Machinestalk, one of the companies specialized in solutions. and Internet of Things technologies. The agreement comes to contribute to accelerating the growth of IoT Squared and consolidating its position as a leading provider of Internet of Things solutions in the region and a major supporter of promising growth sectors.
Since its inception in 2022, iot squared has contributed to providing support and assistance to many government sectors and companies with the aim of accelerating the adoption of the best smart solutions. 2030, which includes smart cities, the fourth industrial revolution, smart mobility and logistics. This includes developing innovative business models and increasing analytical capabilities in order to improve performance and raise the level of productivity for industrial operations through the use of Internet of Things solutions for the industrial sector.
The acquisition aims to enhance growth and continue iot squared’s leadership in the Internet of Things sector in the Kingdom, and is considered an extension of its ambitious strategy and an enhancement of the Public Investment Fund’s role in supporting the rapid growth of the Kingdom’s digital economy, and stc Group’s pioneering role in adopting advanced digital technologies and leading digital transformation in the region. The acquisition also contributes In keeping with the growing demand for Internet of Things technologies and expanding the provision of comprehensive services and products in this promising market.
Machinestalk is one of the largest Saudi companies specialized in the field of the Internet of Things, and it was established in 2015 as a subsidiary of the Nomed Holding Group. Smart cities and smart factories. With core capabilities in IoT platforms and applications, and additional capabilities in IoT sensors, IoT network, and services.
The agreement to acquire Machinestalk comes as a reinforcement of our leading position in the field of Internet of Things, and in line with our strategy aimed at playing a pivotal role in supporting digital transformation in the Kingdom and providing the latest Internet of Things technologies in the Kingdom.
The acquisition will increase iot squared’s capabilities in the field of Internet of Things. Machinestalk applications complement the main tracks of iot squared, namely: smart cities, Fourth Industrial Revolution, smart mobility and logistics, through which the company supports government agencies and small and medium enterprises in the region.” Middle East and North Africa to enhance the adoption of smart solutions and Internet of Things technologies, which enhances the role of stc Group in the field of digital empowerment, and contributes to strengthening the Kingdom’s position as a regional center for the Internet of Things in the region.Mr. Othman Al-Dahesh, CEO, iot squared
This acquisition comes as a milestone in the cooperation between the Public Investment Fund and stc Group, as it reflects the main investment strategy in products and services in the field of communications, information technology, and emerging technologies, including investments in digital cloud, cybersecurity, financial technology, and digital entertainment. The acquisition comes as a continuation of iot Squared’s leadership in the field of Internet of Things and emerging technologies, with its commitment to accelerating the adoption of Internet of Things technologies in the region, as well as empowering the public and private sectors to achieve national goals in this field. The agreement will be subject to approvals from the competent authorities and fulfillment of the terms of the deal.
It is noteworthy that this acquisition comes as a continuation of the path of success achieved by IOT Squared during the past year, after it entered into several fruitful partnerships with industry leaders to enhance the Internet of Things system in the Middle East to bring about a quantum leap in multiple sectors and contribute to leading the digital transformation in the Kingdom by providing products Innovative services that enrich the life of society.