Elm which is a Saudi information security company has revealed in a statement about the plans to acquire Tabadul a digital services company from the investmentof Saudi Arabia’s sovereign wealth fund. The Public Investment Fund (PIF) is already the owner of Elm and allegedly considering the initial public offering of this Saudi information security company.\
Elm will acquire 100% stake of Tabadul’s shares but value of the transaction was not disclosed. While the deal is subject to the approval of securing regulatory. Tabadul is a Saudi Company which Exchanges Digital Information and provides digital solutions for the logistics sector.
Accoridng to a statement existing Executive management of Tabadul will remain on postion to lead the operations and while the same board has to stay until the closing of acquisition .
CEO of Elm Abdulrahman Aljadhai said, “The combination of Elm and Tabadul will create a one-stop-shop that will cater to the entire logistics value chain.”
Abdulaziz Alshamsi who is the CEO of Tabadul stated that the deal would help Tabadul to hasten its new service offerings to serve the customs, ports, and aviation sectors.
According to Public Investment Fund, the deal is inline with Saudi Arabia’s Vision 2030, which includes the diversification of the KSA’s economy which is support by world’s biggest oil production.
Public Investment Fund (PIF) stated, “As an active investor, PIF is committed towards the growth of its portfolio companies throughout their business lifecycle while seeking opportunities for synergies and collaboration between them.”