Equiteq is pleased to announce that it has advised IST Networks, a leading full-service customer experience (CX) technology services provider in the Middle East, on its sale to Majorel Group, a leading global provider of next-generation end-to-end CX solutions for digital-native and vertical leading brands. Majorel is listed on Euronext Amsterdam. The transaction agreement has been signed on 17th March 2022 and is expected to close during the second quarter of 2022, subject to anti-trust approval and customary closing conditions.
Founded in 2002, IST provides CX technology consulting, application development, system integration and managed services to blue-chip clients, internationally and in the Middle East. IST's clients are primarily in the Banking & Financial Services and Technology and Telecommunications verticals. With 270 employees - including more than 200 Technical Engineers and Solutions Consultants - IST has offices in Egypt, Bahrain, KSA, Turkey, and UAE. The company has received several industry awards and is a Genesys Gold Partner and a Cisco Strategic Partner, among others.
Through this acquisition, Majorel will further enhance its partnership network with global CX technology leaders and gain access to sophisticated nearshore delivery hubs that can be leveraged to serve clients across the Middle East and Europe, thanks to IST’s highly experienced CX technical engineers and solution consultants who design, implement and manage sophisticated CX architectures.
Mohamed Fahmy, CEO of IST Networks, which was created and developed by the Fahmy family, said: "With Majorel we have found the perfect partner to deliver comprehensive technology-enabled CX transformation programs at scale. We realized early in the process that we fully resonate with Majorel's clear vision for digital CX and are excited to jointly write the next chapter in our growth".
Commenting on Equiteq’s role, Mohamed Fahmy, CEO of IST Networks added: “I would like to thank the Equiteq team for their advice and level of support throughout the process that has led to this transaction. From our initial contacts, almost three years ago, they’ve always believed in us, and their tireless work ethic and high level of professionalism have allowed us to execute successfully a complex transaction across several countries”.
Arun Nayak, Director of Equiteq APAC, added: “We are delighted to have supported IST Networks in this transaction with Majorel. We feel that its strategic rationale and synergistic potential are exceptional. We wish IST and Majorel continued success and look forward to seeing them flourish together as they orchestrate and execute CX transformation initiatives globally”.