Under its new Saudi ownership, Giza Systems is planning to invest up to $40 million in acquisitions, with an eye on purchasing stakes in three to four companies, Al Mal wrote, citing CEO Osama Sorour.

After being acquired by KSA’s Solutions by STC, Giza Systems is looking to target companies that have a significant presence in the Saudi market as well as an Egypt-based workforce, according to Sorour.

The company is willing to allocate between $5-10 million for each transaction. These potential acquisitions will open up a wider recruitment market for the company to attract top talent at a lower cost than in KSA due to the EGP’s devaluation.

A subsidiary of Saudi Telecom (STC), Solutions by STC acquired an 89.5% stake in Giza Systems in October 2022.

According to Giza Systems, it currently has a market share of 5–10% in the KSA and aims to increase it to 20% in the next three years.

In January, B Investments Holding valued Giza Systems at $128 million from $119 million. In October 2022, Solutions by STC acquired B Investments Holding’s entire stake of 44.7% in Giza Systems.