Saudi PIF-backed firm in deal to acquire Machinestalk
RIYADH, August 28, 2023
iot squared, a joint venture between Saudi Arabia's sovereign wealth fund PIF and Saudi telecom group stc, has signed a binding agreement to acquire 100% of Machinestalk, a leading provider of internet of things (IoT) applications in the kingdom.
The agreement aligns with PIF’s mandate, which has a focus on innovation, and Saudi Arabia’s aim to become a globally competitive hub in technology, media and telecoms. It also supports stc group’s mission to drive the digital transformation of the Mena region, and its strategy to expand and grow the digital economy.
These investments include cloud, cybersecurity, Fintech and digital entertainment, all supporting the digital transformation aims of Saudi Vision 2030, said the stc Group, an engine of digital transformation in the Mena region.
This represents an important milestone in the collaboration between PIF and stc Group, reflecting their investment strategy in the technology industry, it added.
Othman Al Dahash, CEO of iot squared, said: "We are pleased to announce the signing of a binding agreement to acquire 100% of Machinestalk. As we continue to strengthen our position as the national IoT champion… 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."
"Machinestalk’s applications complement iot squared’s focus on smart cities, Industry 4.0, and smart mobility and logistics, through which the company supports governments, enterprises, and SMEs across the Mena region," he stated.
Since its launch in 2022, iot squared has been providing real-time insights in Saudi Arabia and has collaborated with industry leaders to advance the IoT ecosystem in the Middle East.
The company has played a significant role in the adoption of IoT technologies in various sectors to improve and develop the performance of industrial processes.
