Tadawul Advanced Solutions Company “Wamid” has signed an agreement with National 2 Ventures (N2V) to acquire 51% of the issued share capital in Direct Financial Network Company (DirectFN), in a deal valued at about $35.7m.
The deal will enable Wamid to enhance its growth strategy and contribute to enhancing its capabilities and ability to access regional and global markets by benefiting from the strong presence of the DirectFN in seven markets in the Middle East and parts of Asia. It would also support its efforts to advance innovation and efforts to develop financial markets in the region.
Speaking on the acquisition, Mohammed Al Nory, CEO of Wamid, said: “The acquisition is another major step in our efforts to drive innovation and support 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.”