Majorel agrees to acquire IST Networks – a leading CX technology services provider in the Middle East
Luxembourg, March 17, 2022: Majorel Group Luxembourg S.A. (Euronext Amsterdam ticker symbol: MAJ) (“Majorel”, the ‘’Company”), a leading global provider of next-generation end-to-end customer experience (CX) solutions for digital-native and vertical leading brands, today announces that it has signed a contract to acquireIST Networks (‘’IST’’), a leading full-service CX Technology Services provider. ISTis headquartered in Cairo, Egypt and predominantly active in the Middle East. The transaction is expected to close during the second quarter of 2022, subject to anti-trust approval and customary closing conditions.
A family owned company, IST was founded in 2002, and provides CX technology consulting, application development, system integration and managed services to blue-chip clients, internationally and in the Middle East. IST’s clients are primarily in the Banking & Financial Services, Technology and Telecommunications verticals.
With around 270 employees – including more than 200 Technical Engineers and Solutions Consultants – IST has offices in Egypt, Bahrain, KSA, Turkey, and UAE. The company has received several industry awards and is a Genesys Gold Partner and a Cisco Strategic Partner, among others.
Majorel will purchase 100% of IST from its current owners, the Fahmy family. The existing management team, led by IST’s CEO Mohamed Fahmy, will join Majorel once the transaction is completed. IST and Majorel have agreed to treat specific details of the transaction as confidential. However, it can be confirmed that the purchase price for IST will be in the double-digit million Euro range.
Through this acquisition, Majorel will further enhance its partnership network with global CX technology leaders and gain access to sophisticated nearshore delivery hubs that can be leveraged to serve clients across the Middle East and Europe. In particular, Majorel will welcome highly experienced CX technical engineers and solution consultants who design, implement and manage sophisticated CX architectures based on technologies from industry-leading providers such as Genesys, Cisco, Verint, and Nuance.
Thomas Mackenbrock, CEO of Majorel said: “We’re delighted to welcome IST to the Majorel family. This acquisition is an important step in further strengthening our Tech & Expert Services. IST has a great reputation and track record in its established market in the Middle East and our goal now is to leverage this expertise more broadly, adding value to our clients in EMEA”.
Mohamed Fahmy, CEO of IST Networks, said: “With Majorel we have found the perfect partner to deliver comprehensive technology-enabled CX transformation programs at scale. We realized early in the process that we fully resonate with Majorel’s clear vision for digital CX and are excited to jointly write the next chapter in our growth”.
Mark Maass, EVP Strategy and M&A of Majorel, said: “This acquisition will enable Majorel to orchestrate CX transformation initiatives for our clients across our core verticals. Over the past two decades IST Networks has evolved as partner-of-choice for both regional and international blue-chip clients in transforming their CX operations into a source of sustainable differentiation”.
About IST NETWORKS
Founded in 2002, IST Networks is a leading CX technology services company, providing technology consulting, application development, system integration and managed services to blue-chip clients in Banking & Financial Services, Technology and Telecommunications and other verticals. IST Networks has around 270 employees across offices in Egypt, Bahrain, KSA, Turkey, and UAE. The company has received several industry awards, and is a Genesys Gold Partner, a Cisco Strategic Partner and a Verint Partner, among others. For more information, please visit: www.istnetworks.com
Majorel Group Luxembourg S.A., announces that it has closed the acquisition of IST Networks (''IST'') , a leading full-service CX Technology Services provider. Majorel’s agreement to acquire IST was previously announced on March 17, 2022.