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$27 billion over the next four years. This is just the tip of the iceberg in terms of the potential we see for businesses in this country, and region, to implement digital transformation and cybersecurity solutions and services."
Atul Ahuja, Senior Vice President of Middle East, Africa and Asia, says: "UAE is a very strategic and mature market. Digital transformation is a priority not just for all enterprises but for government's initiatives towards citizen services as well. With rich history of 40 years of operations in UAE, Seven Seas a Noventiq company is well poised to offer our global expertise around Cloud, Security and Managed Services in the local market."
Nayagam Pillai, CEO of Seven Seas Technology, added: "We started out almost 40 years ago and have built a reputation in our home market for being able to innovate processes and increase overall productivity. Joining Noventiq has presented a great opportunity for our team to apply that expertise to some very exciting projects in the region and beyond."
Contacts:
| Steven Salter Global Investor Relations VP | Rocio Herraiz Global Head of Communications |
About Noventiq
Noventiq is a leading global solutions and services provider in digital transformation and cybersecurity, headquartered and listed in London. The company enables, facilitates and accelerates digital transformation for its customers' businesses, connecting 75,000+ organisations from all sectors with hundreds of best-in-class IT vendors, alongside its own services and solutions.
Noventiq - led by a highly qualified board of directors including Jacques Guers, Roy Harding, Igor Borovikov, Karl Robb, Marc Kasher, and Sergey Chernovolenko - reported a turnover of US$ 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/
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