Tadawul Advanced Solutions Company Wamid has signed a sale and purchase agreement with National 2 Ventures (N2V) to acquire 51% of the issued share capital in Direct Financial Network Company (DirectFN).
The final acquisition price was SR133.9 million ($35.7 million).
The acquisition of DirectFN is another key milestone for Wamid, following the launch of Co-Location, to diversify sources of recurring revenue.
It furthermore enables Wamid to execute its growth strategy, provides it with complementary capabilities and market access regionally and globally, leveraging DirectFN’s geographic reach across seven markets in the Middle East and parts of Asia, and supports it in elevating innovation across the regional capital market.
Speaking on the acquisition, Mohammed Al Nory, CEO of Wamid, said: “The acquisition is another major step in our efforts to driving innovation and supporting the development and advancement of the capital market technology, in line with Vision 2030. We look forward to harnessing the power of technology and data to create value for investors, issuers and market participants, as well as our business, as we expand our technology and scope into exciting new areas.”
Dr Waleed AlBallaa, CEO of DirectFN, said: “The acquisition will allow us to champion digital-maturity in the Saudi capital market, providing solutions and services to the Saudi capital market in line with Vision 2030’s Financial Sector Development Program.”
Rashid Alballaa, CEO of National Technology Group, commented: “We are excited to be joining forces with Wamid and look forward to working together to drive innovation and technology in support of a thriving Saudi capital and regional capital markets.”
The completion will be subject to certain conditions, including without limitation, receipt of required regulatory approvals such as General Authority for Competition. – TradeArabia News Service