Oman-based Services & Trade (Sobha Group) has acquired Imtac and its subsidiaries from Renaissance Services for approximately $41 million.

The transaction realises a pre-tax capital gain of approximately RO6 million ($16 million) for Renaissance Services and is effective in retrospect from January 1, 2008.

“The divestment is in line with Renaissance’s strategic intent to focus on its core oil and gas services businesses and confirms earlier announcements that the company was considering divestment of its successful technology media, and training businesses”, Renaissance said.

“The transaction was an excellent outcome for all stakeholders: As Oman’s leading IT company, Imtac remains in Omani ownership, with the added benefit of a great strategic fit with the India-based IT businesses of the Services & Trade (Sobha Group), including SRIT. This puts in place a powerful IT coalition on an Oman/India axis with enormous potential throughout the region,” said Stephen Thomas, CEO of Renaissance.

“SRIT is an SEI CMM L5 enterprise with a world class suite of software products in healthcare, telecom and e-services, which are entirely complimentary with Imtac’s market leadership in Oman, our acknowledged technology services delivery competence and regional presence in those domains,” said Ashok Sardiwal, CEO of Imtac.

The partnership of Brigadier-General (Retd.) Suleiman bin Mohammed Al-Adawi and PNC Menon has created a multi-billion dollar international conglomerate over the past decades. Apart from construction and property development they have very successfully built an international technology enterprise.

In a joint statement they said: “The entry of Imtac into our group allows us to target market leadership in the booming MEA region from Oman. We have always strongly believed in the vision of His Majesty Sultan Qaboos bin Said in terms of striving for global quality and service delivery benchmarks, without losing focus on our Omani heritage, culture and social commitment. Imtac, its people, its customers and its positioning in both Oman and the region represents an institution of excellence through which we will deliver our regional aspirations.” – TradeArabia News Service