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Dubai: Dimension Data on Wednesday announced the acquisition of a 51 per cent stake in Digital Processing Systems (DPS), an UAE-based IT company.
DPS's former CEO George Hannouche said Dimension Data, which is based in South Africa, approached them about finding a strong partner in the region.
Hannouche will now serve as executive director for Dimension Data-UAE, DPS's new name.
"This is the most important milestone in the history of DPS, as it is the starting point for us to become the number one systems integrator in the UAE," Hannouche said.
Hannouche said the agreement to sell a majority stake in the company was made with the hopes of improving DPS's relatively low market share in networking services. He estimated that DPS ranked only fourth or fifth.
Dimension Data-UAE will have offices in Dubai and Abu Dhabi and currently has a staff of about 80 people. DPS was established in 1983 and has clients that include Etisalat, Emaar and Gulf News.
Dimension Data is listed on the London Stock Exchange, and saw revenues in excess of $3.7 billion in 2007. Allan Cawood, the company's CEO, said the LSE's rules regarding the acquisition of private companies did not require them to disclose the terms of the deal.
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