When it comes to IT and digital solutions in Saudi Arabia, you will find one name at the top of every list — solutions by stc — which has been leading in the Kingdom by market share for the past eight consecutive years.
Digital consultancy, applications development, emerging tech deployment, business processing outsourcing, professional services, and managed services — the company has always been at the forefront as far as end-to-end tailored digital solutions are concerned.
Participating at GITEX Global 2024 in Dubai, solutions by stc – a subsidiary of stc Group – is showcasing AI-powered emerging tech deployments in different sectors such as health, finance, industrial, ports, utilities, sports, and oil and gas.
Notably, solutions by stc has built one of the largest high-performance computing (HPC) facilities in the oil and gas sector globally. Moreover, it has developed HPCs for other major government clients, enabling them to adopt the latest AI applications and use cases.
At GITEX, the company is also highlighting its deployment of private 5G technologies in one of Saudi Arabia’s largest ports to ensure logistics are efficiently served, saving time and costs.
Timeline of delivering excellence
Solutions by stc’s services span several sectors across three decades. Here’s a brief timeline:
- 1995: AwalNet receives internet service provider (ISP) license
- 2002: Naseej, AwalNet and Alamiah.net merge to create largest ISP
- 2007: stc acquires AwalNet
- 2009: Building capabilities for system integration
- 2011-2015: Investing in building cloud platforms and offering cloud technologies
- 2017: Satellite communications and cyber security services as well as Internet of Things systems are launched
- 2018: Building capabilities to develop digital applications and automate data and analysis services
- 2019: solutions by stc launches its new brand identity
- 2021: Listing on the Saudi stock market
- 2022: solutions acquires Giza Systems
- 2023: solutions acquires ccc; strategic investment in Nile; exclusive partnership with SingleStore
- 2024: solutions acquires a 40 percent stake in devoteam Middle East
Strong H1 results
solutions by stc announced solid financial results for 1H 2024 showing stable operating profitability and revenue growth. Revenue grew 4 percent year-on-year to SAR5.58 billion in 1H 2024. EBITDA was up 4 percent year-on-year to SAR909 million during the period. Meanwhile, net profit attributable to shareholders grew 25 percent year-on-year to SAR806 million.
Recent deals and acquisitions
In February 2024, solutions completed its acquisition of 40 percent of ‘Devoteam Middle East’, a subsidiary of the Devoteam Group, a leader in digital consulting. The total value of Devoteam Middle East is approximately SAR741.7 million.
In March, solutions by stc and US-based Nile, a leader in enterprise Network as a Service (NaaS), signed a term sheet agreement aiming to create a joint venture during LEAP 2024. The joint venture was a strategic expansion to enhance market presence and service offerings. As a part of this venture, both companies agreed to provide secure and comprehensive enterprise network solutions (NaaS) to customers in Saudi Arabia and MEA region.
In 2023, solutions by stc announced a strategic investment in Nile as part of a global funding round that raised $175 million from various investors.
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