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MIC buys systems integrator STME

Systems integrator STME is bought by investment group MIC

Peter Aubrey, founder & chairman of STME (l) with Abdul-Aziz Al Assaf, chairman of MIC.
Peter Aubrey, founder & chairman of STME (l) with Abdul-Aziz Al Assaf, chairman of MIC.

Systems integrator STME has been acquired by Saudi investment group MIC, it was announced today.

Financial details of the deal were not disclosed.

Salah Abu Shaar, who has been appointed as new CEO of STME commented: "The acquisition will strengthen STME's position in the regional IT sector as we can effectively leverage advanced, well-established and industry-proofed solutions. Our role is to help businesses of all sizes to manage, store and protect data effectively and cost-efficiently. We continually assess new technologies and bring them to the region to enhance our portfolio and offer our customers value added services."

"STME is a valuable addition to our ICT portfolio. It has a strong regional base and its operational strengths complement our other investments well. ICT remains one of the more buoyant sectors within the crisis and so we expect the acquisition of one of this industry's key players to generate substantial returns," Suleiman Al Assaf, CEO of MIC.

STME was founded in 1982 and has a base of over 400 customers across the Middle East and Pakistan.