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 leading digital native and vertical brands, today announces that it has signed a contract to acquire IST Networks (“IST”), a leading full-service CX technology services provider.
IST is 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 antitrust 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 and 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.
“We’re delighted to welcome IST to the Majorel family,” said Thomas Mackenbrock, CEO of Majorel. This acquisition is an important step in further strengthening our tech and 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.”
“With Majorel we have found the perfect partner to deliver comprehensive technology-enabled CX transformation programs at scale,” said Mohamed Fahmy, CEO of IST Networks. 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.”
“This acquisition will enable Majorel to orchestrate CX transformation initiatives for our clients across our core verticals,” said Mark Maass, EVP Strategy and M&A of Majorel. “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 MAJOREL
We design, build and deliver next-generation end-to-end CX solutions for many of the world’s most respected digital-native and vertical leading brands. Our comprehensive east-to-west global footprint in 35 countries[1] across five continents, with around 69,000 team members[2] and 60 languages, allows us to deliver flexible solutions that leverage our expertise in cultural nuance, which we believe to be essential for true excellence in CX. We have deep domain expertise in tech-augmented front to-back-office CX. Additionally, we offer digital consumer engagement, CX consulting, and an innovative suite of proprietary digital solutions for industry verticals. We are a global leader in content services, trust and safety. We believe the “Majorel difference” to be our culture of entrepreneurship.
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 and 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
CONTACT
Investor Relations
Insa Calsow
EVP, Investor Relations
Media Relations
Andrew Slater
SVP, Global Marketing & Communications
DISCLAIMER
All financial information in this announcement is preliminary. It does not purport to contain all information required to evaluate IST Networks and the Company and/or their financial position. All forward-looking statements in respect to IST Networks are based on IST Network’s present expectations of future events.
[1] As of February 28, 2022
[2] As of December 31, 2021