Fiber Misr, the leading systems integrator and IT services provider, announced today its acquisition of Equinox International, the leading organization in the supply and implementation of technology and infrastructure solutions across the Middle East and Africa. This acquisition will increase Fiber Misr’s clientele base by adding 200+ of Equinox’s clients across the MEA region, which would enhance its competitive capacity in the different sectors it operates in while achieving its aggressive expansion plans.
The deal will merge Equinox’s regional business operations and offerings into Fiber Misr’s operations to allow both companies to offer unparalleled solutions and services capitalizing on the long history of success and innovation both companies have demonstrated since they began business in the areas of infrastructure, data center technology, applications/cloud and managed services.
The acquisition will also contribute to Fiber Misr’s horizontal growth by utilizing Equinox’s regional presence and workforce and enhancing its capacity to develop economies-of-scale needed to operate competitively. Moreover, by operating in Egypt, which is considered one of the most attractive markets for achieving strong growth, Fiber Misr is positioned to serve this market fully and across the different sectors. Alliance Law Firm Egypt has been appointed as the legal counsel for the transaction.
“We are excited about the prospects and results of this acquisition and believe that Equinox’s know-how and long track record in the industry will allow Fiber Misr to offer innovative and best-in-class technology solutions and services to the clients”, said Mr. Ahmed Mekky, Fiber Misr Group Chairman and CEO. “Fiber Misr aims to have a leading role in the global market in the areas of data centers and large-scale technology deployments across all sectors. Equinox’s regional team will integrate with ours, trained at the state-of-the-art world technologies, to form one of the leading technology firms in the MEA region while continuing to offer cutting-edge solutions and services at an unparalleled level of service and customer satisfaction”, Mekky added.
“Mergers and acquisitions is one of the globally successful strategies sought by large companies to develop their turn-over, penetrate new markets and strengthen their positions in light of the continuous development, as ICT sector is the development vehicle that enhances the efficiency and quality of all other economic sectors. Also, the Egyptian market is witnessing an era that is considered the best along its history in light of the successive developments at the level of the national plans to develop the ICT sector through launching the government plan to transform Egypt into a fully digitized society by the end of 2020”, Mekky also added.
On his part Mr. Osama Qadan, Equinox International CEO said, “Equinox has long been one of the leading systems integrators in Egypt and the MEA region collecting industry awards over its history for its innovation and technical excellence.”. He added, “integrating Equinox’s operations into Fiber Misr’s will allow both companies to exhibit strong growth to meet the mounting requirements of clients in Egypt and beyond. Clients who used to enjoy Equinox’s unrivaled level of service and commitment will now enjoy even more benefits and offerings as a result of this merger”.
“Equinox’s shareholders are excited about this step and believe that the combined entity will demonstrate success and exceptional capabilities from Day-1,” said Mr. Salah Hetata, Equinox’s board member. He added, “Fiber Misr is known for exceeding client expectations when it comes to service delivery and commitment to quality. This philosophy aligns perfectly with Equinox’s culture and will allow the new entity to offer a broad range of offerings building on the long history of the Group and its founders in the Technology field across the MEA region. The best is yet to come”.
It is worth noting that the ICT sector in Egypt has achieved unprecedented growth over the past period. At the end of the last fiscal year, the government announced official data confirming strong sector growth reaching up to 12.5% for the first time. The ICT sector has also contributed 3.2% to the GDP during the same period. Meanwhile, Egypt’s exports of telecommunications and technology services increased to about $1.87 billion, while in the current FY Q1, the sector has achieved the highest growth rate in its history reaching up to 14%, (9.5% in the telecommunications sector and 4.5% in the IT sector respectively).