LSE-listed Noventiq closes Seven Seas Technology deal in MEA

This is the second completed deal in a month for the group which recently revealed it’s pursuing a listing on the Nasdaq

Cybersecurity solutions and services provider Noventiq has closed its acquisition of UAE-based systems integrator Seven Seas Technology (SST).

Noventiq (formerly Softline Holding) signed an agreement to acquire SST in June last year.

It claims the deal builds Noventiq's presence in the Middle East and Africa, as part of its global expansion through M&A.

SST will continue to operate under its existing brand while incorporating ‘a Noventiq company' into its logo following the completion of the transaction.

The company, which will continue to be headquartered in Dubai, will also retain its employee base.

SST CEO, Nayagam Pillai will continue to lead the company, while Noventiq president and chief operating officer Hervé Tessler has been appointed to join SST's board of directors.

"Seven Seas Technology is an exceptional company with a seasoned workforce and leadership team, with whom we've already started to work," Tessler said.

"Having closed the acquisition, I can say that I am truly excited to see Noventiq grow within the Middle East & Africa region, and I am very proud to be part of their board of directors."

Recent IDC research pegged the UAE Microsoft Cloud ecosystem to generate revenues of $27bn over the next four years.

"This is just the tip of the iceberg in terms of the potential we see for businesses in this country, and region, to implement digital transformation and cybersecurity solutions and services," Tessler added.

Noventiq expands to greater markets

Noventiq founder and member of the board Igor Borovikov said its closure of the SST deal represents the next step in his group's journey as it pursues its international expansion plans.

Earlier this month London-HQ Noventiq completed a joint-venture with Egyptian group DigiTech to extend its North African presence.

More recently the group signed a letter of intent and an exclusive term sheet with Corner Growth Acquisition for a potential business combination that would result in the combined company being publicly-listed on the Nasdaq.

Cyprus-registered Noventiq explained its board believes that the current price of its listed Global Depository Receipt (GDRs) is not a fair reflection of the value of the Noventiq Group and that there continues to be very limited trading volume in Noventiq GDRs on the London Stock Exchange.