Saudi information security company Elm has purchased the Saudi Company for Exchange Digital Information (Tabadul) from the Public Investment Fund (PIF) for an undisclosed amount.
The deal, which is subject to regulatory approvals, will see Tabadul, which provides digital solutions to the logistics sector, become a wholly-owned subsidiary of Elm, although it will retain its brand and identity and will continue to be led by its current executive management.
A statement from the PIF, said: “This acquisition will contribute to the realisation of Vision 2030 by creating a logistics national champion and benefit the KSA economy through integrating the logistics value chain. It is also in line with PIF’s mandate of supporting digital transformation in key sectors in accordance with PIF’s programme in this regard.
“As an active investor, PIF is committed towards the growth of its portfolio companies throughout their business lifecycle while seeking opportunities for synergies and collaboration between them.”
The PIF also owns Elm and was considering an initial public offering of the information security company, according to a report by news agency Reuters back in May.
Established in 1986, Elm provides various technical solutions, e-products, consulting services, digital outsourcing, and training solutions to government and private businesses.
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