Beyon Group, owned by Bahraini sovereign Mumtalakat, acquires Link Development Company.
“Signed company” Pune Solutions“ (Beyon Solutions), affiliated with the Beyon Group, which is owned by the Bahraini sovereign wealth fund.”Properties An agreement to acquire a majority stake in the Egyptian “Link Development” company, which provides software solutions for digital transformation in the region, and provides its services in Egypt, the Emirates, and Saudi Arabia.
Pune Solutions, owned by the Bahraini sovereign wealth fund “Mumtalakat”, works to provide integrated systems for digital transformation.
“Mumtalakat” acquires “Link Development” company
The company added in a statement that Pune Solutions’ acquisition of Link Development Company will result in one of the largest digital transformation service centers in the region. The value of the acquisition deal was not revealed.
The company operates Link Development“, to support public and private institutions in digital transformation, and it has 7 regional offices, a professional team of more than 700 employees, and has a strong reputation for providing innovative solutions to its customers.
The agreement was signed, according to the statement, by Mikael Winter, CEO of BION, which is owned by the Fund. Properties“, Hisham Al-Bayeh, CEO of Link Development, and Karim Bishara, managing partner of venture capital company A15, one of the company’s major shareholders.
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The acquisition agreement requires regulatory approval
According to the agreement, the venture capital company “A15”, one of the main shareholders in “Link Development”, will completely exit the company after the deal, in favor of the Bahraini sovereign wealth fund “Mumtalakat”.
In order to enter into force, the acquisition agreement requires the approval of Egyptian and Saudi government regulatory authorities.
The deal fits the ambition of Pune Solutions.
In turn, Nicholas Toon, CEO of Pune Solutions, said that merging a major company like Link Development into our company is a strategic step that matches our ambition, and represents a distinctive addition to our digital solutions and services.
For his part, Karim Bishara, A15 Venture Capital Company, one of the main shareholders in Link Development, said that this acquisition represents the eighth exit from one of A15’s subsidiaries, which reflects A15’s success in contributing to exceptional projects that achieve Rewarding returns for investors.
Both companies have strategic partnerships with major suppliers such as Microsoft, OutSystems, and AWS, which contributes to good results for their business after the merger.
