e& is said to be majorly active in the financial service sectors that serve 90% of the top banks in Turkey.
Telecom and technology company in the UAE, e&’s (Etisalat and) digital transformation arm, e& enterprise announced the completion of the $60 million acquisition of the Turkey-based digital firm GlassHouse. It is a leading Turkey-based provider of managed cloud, business continuity and SAP infrastructure services. The acquisition adds to the company’s portfolio allowing it to enter the Middle East and African region in three different markets.
Announced in June, the $60 million purchase benefits the country with the entry into Turkey, Qatar and South Africa. This was stated by e& in a fling to the Abu Dhabi Securities Exchange on Thursday where the nation’s shares are traded.
This expands the e& group’s operating footprint to 34 markets. Supported by German software giant SAP, the company offers the newest cloud technology together with related managed services in important industries like banking and finance.
The acquisition boosts e&’s “value proposition by reinforcing our capabilities, adding vertical expertise and expanding into high-growth markets”, said Salvador Anglada, chief executive of e& enterprise.
The acquisition is yet another bold step in the company’s journey to achieving their goals and becoming a regional leader in the end-to-end digital transformation, he added.
Glass-House is Istanbul–based and a major player in Turkey’s cloud service sector. The company offers services to over 2000 companies like managed cloud, private sovereign and SAP infrastructure. The companies are based out in multiple geographies.
e& is said to be majorly active in the financial service sectors that serve 90% of the top banks in Turkey, as per the statement.
Enterprises and governments continue to embrace digital transformation as they prepare for the future society and economy, especially when new technology enables more seamless and inclusive activities.
Enterprises and governments continue to embrace digital transformation as they prepare for the future society and economy, particularly when developments in technology pave the way for more seamless and inclusive activities.
The digital transformation led to the streamlining and optimization of the operations while prompting the adaptation of these innovative technologies in order to expand consumer bases. This will further allow adding new revenue lines amid intensifying competition.
The financial sector has become highly competitive in regions like the Middle East and Africa with a majority inflow of global investments to bolster this strategy. This is intensified in Saudi Arabia and the UAE which are the two largest economies of the Arab world.
Digital solutions, backed by robust infrastructure and consulting skills, have assisted businesses and users in navigating the entire digital transformation path. The spread of critical digital services has been a crucial driver in e& enterprise’s rapid growth.
Acquisitions have always been a focus for e& enterprise. The success of the company’s strategy over the past couple of years reflects through the broadened portfolio. The emerging success has enabled growth organically and inorganically both according to Mr. Anglada.
A majority stake in Dubai-based peer-to-peer lending platform Beehive and Bespin Global MEA’s 65% stake is created as a joint venture company with South Korea’s Bespin Global. These are a few among the most notable acquisitions of e&.
One of the enormous opportunities for both businesses and economies that provide and offer similar services is the digital transformation.
According to Grand View Research’s most recent statistics, revenue in the Middle East and Africa digital transformation industry is expected to exceed $217 billion by 2030, up from $37.8 billion in 2023, at a compound annual rate of 28.4%.
The “robust portfolio” of e& enterprise, comprising “innovative strategies”, will help GlassHouse clients “accelerate their digital transformation journey”, said Alp Bağrıaçık, chief executive of GlassHouse.
e& has maintained a strong performance as a group and business. e&’s net profit jumped by more than a quarter year-on-year in the second quarter to almost Dh3.2 billion ($861.8 million). The reason being the increasing subscriber base by 5% to almost about 15 million according to the company reports.