UAE-based & enterprise, part of technology group e& (formerly known as Etisalat Group), announced the signing of a binding agreement to form a joint venture with South Korea’s Bespin Global, a leading public cloud managed services provider, to provide a one-stop cloud solution to companies in the region.
The joint venture – to be named as Bespin Global MEA, an e& enterprise company – will offer cloud managed and professional services to customers in the Middle East, Turkey, Africa and Pakistan (METAP).
The total investment and future commitments in the joint venture (JV) are expected to be over $100 million.
The JV will be 65 percent owned by e& enterprise and 35 percent by Bespin Global.
Both e& enterprise and Bespin Global will contribute their existing public cloud businesses and related professional and managed services from the region to the JV, e& said.
e& enterprise will be making a primary investment of $60 million in Bespin Global and join its board of directors.
In addition, e& enterprise has the option to invest another $60 million within a period of 18 months from completion of the transaction.
Both shareholders will also contribute growth capital to the JV.
Salvador Anglada, CEO of e& enterprise, said, the JV with Bespin Global and the investment in the holding company are part of the group’s ongoing efforts to extend its cloud offerings and establish its commitment as a trusted partner to governments and enterprises in the UAE.
John Hanjoo Lee, CEO and Co-founder of Bespin Global, said the company is very excited to partner with e& enterprise in the METAP markets as its enterprise customers accelerate their digital transformation.
“In addition, we welcome e& as an investor in Bespin Global and appreciate their confidence in our strategy and operations. We look forward to accelerating our growth plan and profitably expanding our operations globally,” Lee said.
The joint venture will leverage on the capabilities of both companies, with e& providing strong local market presence and its broad portfolio of digital transformation solutions, while Bespin Global providing its deep expertise in cloud migration, cloud operations, cloud native application development, cloud optimisation and cloud billing.
As a part of the agreement, e& enterprise will also invest in Bespin Global’s holding company. The cloud consultancy and management company is one of the fastest growing cloud managed service providers serving over 1,700 customers from its locations in South Korea, China, Japan, Singapore, Vietnam, Indonesia, and the US.
The South Korean company has over 1,000 cloud experts across AWS, Microsoft Azure, Google Cloud and other cloud platforms.
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