DB Capital Partners, the private equity arm of Deutsche Bank (DB), one of the world's largest financial institutions, announced that it has acquired a more than 36 percent interest in Interactive Limited, a UAE-based software solutions provider for e-business.
DB Capital, which held an 18 percent stake in the company, doubled its equity interest through the purchase of the equity held by Armada Partners, making it the controlling investor. Interactive Limited, based in Dubai Internet City, is one of the region's leading homegrown providers of software and integrated Information Technology (IT) solutions. Terms of the transaction were not disclosed.
“DB Capital Partners is committed to helping Interactive build on its already strong market position in the IT sector in the Middle East,” said Pierre Suhrcke, managing director of DB Capital Partners. “The entire Middle East region is poised for dynamic growth in many segments of technologically-based industries, and Interactive will participate in that upward trend.”
Ziad Tassabehji, founder and CEO of Interactive Limited, explained: “Our strategic relationship with Deutsche Bank began in February 2001. Less than one year later, we are delighted that, despite a difficult market environment, DB Capital Partners has confirmed its confidence in Interactive's future and our advanced technology by increasing its equity in the company.”
Interactive is currently implementing a targeted geographic expansion of its principal products and services, according to a company press release. By the end of the first quarter, the company will employ more than 110 professionals in four countries: the United Arab Emirates (UAE), South Africa, Saudi Arabia and Lebanon.
Interactive's offerings will include business consulting through multi-media design and marketing, technology development and system integration. The company is also executing its plan to provide strategic services in the fields of e-banking and e-government, two of the largest markets for IT spending in the Middle East.
DB Capital Partners invests in equity and equity-related securities including venture capital, growth financing, leveraged buyouts, mezzanine and private equity funds. DB Capital Venture Partners is the venture capital arm of DB Capital Partners. DB Capital Venture Partners Europe focuses on growth telecommunications and technology companies.
With assets of almost one trillion Euro and over 97,000 employees, Deutsche Bank offers its clients financial services in over 70 countries. It ranks among the leaders in asset management, capital markets, corporate finance, custody, cash management and private banking. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
