Integralis breaks into Middle East with purchase of identity management firm
400-strong European systems integrator buys its way into the Middle East market by agreeing a cash and share deal for UAE identity management specialist ProtechT.
European systems integrator Integralis has stepped into the Middle East with the acquisition of security integrator ProtechT.
As revealed in the last issue of Channel Middle East, Integralis had earmarked an acquisition in the Middle East as the next major step in its global expansion strategy.
Integralis claims that ProtechT, which specialises in identity management and addresses the financial sectors of Qatar and the UAE from its offices in Dubai and Abu Dhabi, represents an ideal match.
"We were looking for a company that would fit our typical set-up, which is very consultancy-based and project-oriented, one that gives us additional technology such as identity management," explained CEO Georg Magg. "After an extensive search we found ProtechT and the combination fits perfectly."
Antoine Chamieh, partner and general manager at 13-strong ProtechT, added: "Being with an international organisation like Integralis will enable us to carry out high revenue projects and it has a network of security experts which will complement our local expertise and enhance our production capabilities. There are also new products that Integralis has introduced that will now be able to make their way into the Middle East."
Integralis admitted that poor financial performance over the last two years prevented it from entering the region sooner, but Magg insists that following changes made to its managed security services portfolio, the firm has transformed itself into a profitable organisation with a strong intent to make its mark in the Middle East.
ProtechT, which was only founded three years ago, made sales of US$4.8m last year. Germany-listed Integralis says the purchase price will be paid in shares and cash by the end of 2008 via an earn-out. Integralis made revenues of US$182m in 2006.