Riyadh, August 13, 2023, In the realm of artificial intelligence research, it is with great enthusiasm that we delve into the subject matter at hand. Today, we shall embark upon an exploration of the latest developments emanating from Riyadh, a city renowned for its technological advancements. On this auspicious date of August 13, 2023, The MENA region's digital transformation powerhouse, stc Group, has recently disclosed that iot squared, a collaborative effort between the esteemed Public Investment Fund (PIF) and stc Group, has achieved remarkable strides in its inaugural year. Notably, iotsquared has solidified its achievements by finalizing a binding agreement to procure the entirety of Machinestalk, an innovative frontrunner in delivering cutting-edge IoT solutions and applications within Saudi Arabia. The strategic acquisition in question shall undoubtedly expedite the growth trajectory of IoT Squared, thereby fortifying its preeminent standing as the foremost purveyor of Internet of Things (IoT) solutions within the specified geographical domain. IoT Squared is at the forefront of the IoT landscape, offering cutting-edge solutions that empower industries with unparalleled capabilities. Our state-of-the-art IoT solutions are designed to provide real-time insights into the dynamic landscape of Saudi Arabia, enabling businesses to make informed decisions and drive transformative outcomes. Since its inception in the year 2022, IoT Squared has been instrumental in facilitating the widespread integration of Internet of Things (IoT) technologies across diverse sectors. Through strategic partnerships with prominent industry pioneers, iotsquared has actively contributed to the advancement of the IoT ecosystem in the Middle East, thereby instigating a paradigm shift in numerous sectors and propelling local digital transformation initiatives to new heights. IoT Squared is dedicated to providing comprehensive support to businesses operating within three pivotal verticals: smart cities, Industry 4.0, and smart mobility and logistics. Our primary focus lies in equipping these enterprises with cutting-edge IoT technologies, including IoT sensors, platforms, and applications. By harnessing the potential of real-time insights, we aim to enhance and optimize the performance and productivity of industrial processes. The acquisition signifies a significant milestone in the collaborative efforts between the Public Investment Fund (PIF) and STC, highlighting their substantial investment strategy in the realm of information and communication technology (ICT). This strategy encompasses investments in various domains such as digital Clouds, Cybersecurity, Fintech, and digital entertainment, underscoring their commitment to advancing these sectors. These investments play a pivotal role in propelling the process of digital transformation, thereby aligning with the overarching objective of Saudi Arabia's Vision 2023 to spearhead digitization efforts within the region. Machinestalk, established in 2015 as a subsidiary of NOMD Holding, stands as a prominent entity within the expansive landscape of the Internet of Things (IoT) domain in Saudi Arabia. Over the course of recent years, it has made significant contributions to the telematics field within the Kingdom, offering a wide range of solutions that prioritize intelligent mobility. Furthermore, it possesses supplementary proficiencies in the areas of intelligent infrastructure for buildings and facilities, intelligent urban environments, and the Internet of Things within industrial settings. The system exhibits a pervasive presence throughout the Internet of Things (IoT) framework, showcasing fundamental proficiencies in IoT platforms and applications while also boasting supplementary proficiencies in IoT sensors, networks, and services. The Chief Executive Officer (CEO) of iotsquared, Mr. Othman Al Dahash, has expressed his satisfaction in announcing the formalization of a binding agreement to procure the entirety of Machinestalk. This strategic move signifies a significant milestone in our trajectory towards expansion and sets the stage for an exhilarating new phase in our development. As we persistently fortify our stance as the preeminent national proponent of the Internet of Things (IoT), in accordance with our audacious strategy, we ardently aspire to assume a central role in bolstering Saudi Arabia's aspirations to spearhead the digital revolution within the region and embrace nascent technologies. Moreover, through the comprehensive actualization of the Internet of Things (IoT) and the subsequent extraction of value from interconnected entities, our unwavering dedication lies in facilitating a state of interconnectedness within our realm, thus transforming the notion of a knowledge-driven economy from a mere abstract construct into tangible existence. The acquisition shall serve to enhance the capabilities of IoT Squared throughout the entire IoT value chain. The applications developed by Machinestalk serve as a valuable addition to the three primary verticals of IoT Squared, namely smart cities, Industry 4.0, and smart mobility and logistics. These verticals are of utmost importance as they enable the Company to provide comprehensive support to governments, enterprises, and SMEs across the MENA region in their efforts to embrace intelligent solutions and IoT technologies. This, in turn, positions the STI Group and Saudi Arabia as prominent regional hubs for IoT advancements in the MENA region. In addition, the acquisition will serve as a catalyst for IoT Squared, enabling them to leverage Machinestalk's robust field services capabilities, cutting-edge technology, and proficient delivery teams. This strategic move will grant IoT Squared access to Machinestalk's proprietary IoT platforms, internal development proficiencies, and a vast network of local and international partners and customers. Notably, this includes esteemed entities such as large government organizations as well as an extensive array of product offerings. With its extensive range of capabilities and holistic solutions, IoT Squared is poised to emerge as the foremost local leader in the Internet of Things (IoT) domain within Saudi Arabia. By encompassing a diverse array of focus use cases, the organization remains steadfast in its dedication to expediting the widespread adoption of IoT technology in the region. Moreover, IoT Squared is committed to empowering both the public and private sectors to unlock substantial value through their engagement with IoT initiatives. The successful completion of the transaction is contingent upon obtaining the necessary regulatory approvals from the pertinent authorities and satisfying all transactional prerequisites.
