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Amanah Tech, a leading Canadian IT Solutions provider, specializing in out source web hosting, today announced that it has signed a definitive agreement to acquire VIP Host, the 8th largest web hosting company in Saudi Arabia. Nezar Freeny, CEO of Amanah Tech and Eisa Al Eisa, founder of VIP Host inked the 2.4 million riyal deal on the exhibition floor at GITEX Dubai 2004. The signing ceremony took place on the sidelines of GITEX in the presence of the Head of the Consulate of Canada, Mr. Graham Rush, Mr. Fouad Soueid, Senior Commercial Officer, and Mr. Imad Arafat, Commercial Officer at the Embassy of Canada in Riyadh, KSA. With an expanded client portfolio, Amanah Tech will continue on the path of building brand awareness and increasing its market position in the Arabian Gulf. "The acquisition will strategically bring Amanah Tech to the very forefront of the Arabian IT industry," said Nezar Freeny, CEO of Amanah Tech. "Saudi Arabia is one of the more profitable markets in the entire Gulf region. This acquisition will serve to accelerate Amanah Tech’s presence in this market while providing us with greater exposure to thousands of Saudi Arabian clients." This notable expansion will provide the Canadian company with a greater market share in Saudi Arabia, paving the way to similar transactions in the future. The head of the Consulate of Canada in Dubai, Mr. Graham Rush, welcomed the announcement. "We are very pleased, as the acquisition will benefit all parties involved, particularly the VIP Host clients. Amanah Tech has always been a sound choice for clients in Canada, as well as in the Arabian Gulf." The annexation of VIP Host will add to Amanah Tech’s significant market position in the Arabian Gulf; more than 90% of the company’s 2003 revenues originated from that region. Amanah Tech has retained VIP Host’s original Technical Support team in Riyadh, enabling them to offer technical support in Arabic as well as in English. This move is an affirmation of the Canadian firm’s commitment to its Arabian Gulf clients. Mr. Eisa Al Eisa, founder of VIP Host, confirmed that Amanah Tech was one of many web-hosting firms that had approached its management and proposed a buyout. "There were a number of offers on the table, but Amanah Tech could best guarantee the high quality of service our customers receive and for us that was a significant priority." A pre-existing, and long-standing relationship between the two companies definitely contributed to VIP Host’s decision to sell. "Selling a company that you have worked so hard to build is very
difficult. You want to be sure that your clients will be treated with the
same respect and care they are accustomed to. We are completely confident
that Amanah Tech will uphold Vip Host’s reputation." For more information, please contact: A signing ceremony will take place at the Canadian
Pavilion, Hall # 8 (Stand 11) |
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