PIF-backed IoT company in agreement to acquire Machinestalk

13 August 2023 Riyadh, KSA
acquire Machinestalk
  • We are eager to support Saudi Arabia’s “ambitions to lead the region’s digital transformation,” says CEO of iot squared
  • Joint venture between PIF and stc Group provides real-time insights in Saudi Arabia 
  • Acquisition supports Vision 2030 aim for the nation to become a globally competitive technology hub
iot squared, a joint venture between PIF and stc Group, has signed a binding agreement to acquire 100% of Machinestalk, a provider of internet of things (IoT) applications in Saudi Arabia.
The announcement was made by stc Group, an engine of digital transformation in the MENA region, and represents an important milestone in the collaboration between PIF and stc Group, reflecting their investment strategy in the technology industry. These investments include cloud, cybersecurity, Fintech and digital entertainment, all supporting the digital transformation aims of Saudi Vision 2030.
“We are pleased to announce the signing of a binding agreement to acquire 100% of Machinestalk,” said Othman Al Dahash, CEO of iot squared. “As we continue to strengthen our position as the national IoT champion… we are eager to play a pivotal role in supporting Saudi Arabia’s ambitions to lead the region’s digital transformation and adoption of emerging technologies.”
Machinestalk’s applications complement iot squared’s focus on smart cities, Industry 4.0, and smart mobility and logistics, through which the company supports governments, enterprises, and SMEs across the MENA region.
The agreement aligns with PIF’s mandate, which has a focus on innovation, and Saudi Arabia’s aim to become a globally competitive hub in technology, media and telecoms. It also supports stc group’s mission to drive the digital transformation of the MENA region, and its strategy to expand and grow the digital economy.
Since its launch in 2022, iot squared has been providing real-time insights in Saudi Arabia and has collaborated with industry leaders to advance the IoT ecosystem in the Middle East. The company has played a significant role in the adoption of IoT technologies in various sectors to improve and develop the performance of industrial processes.
The transaction is subject to regulatory approvals from the relevant authorities and fulfilling transaction conditions.