Path Solutions acquires INC Egypt to broaden company's solution offerings and facilitate expansion in Africa
- Egypt: Tuesday, August 17 - 2010 at 10:03
- PRESS RELEASE
Path Solutions, a recognized specialist in the provision of software solutions to the Islamic finance industry, announced that it has signed on July 1st an agreement to acquire INC Technologies Egypt, a Cairo-based firm specialized in the development of investment software for SMEs based on N-Tier architecture and .Net platform.
INC Egypt provides a successful investment management system called SmartInvest. The system supports Islamic and traditional portfolios, as well as fund management, covering the full cycle of most investment instruments such as stock, bonds, options, funds and real-estate. It also provides user-defined assets to support other classes of assets. Furthermore, SmartInvest supports future, forward and market makers and has a full Swift interface.
Commenting on the acquisition, Mohammed Kateeb, Path Solutions' Chairman & CEO, said, "We have been following a very disciplined and focused approach to identifying acquisitions that represent a strong fit with our business, both strategically and operationally. The acquisition of INC Egypt provides Path Solutions with an immediate presence in Egypt and will allow us to benefit from business and technical resources in this promising market. We strongly believe this acquisition will rapidly create significant value for our customers and will strengthen and complement our existing range of software solutions and services. We are delighted to welcome INC management and staff in our company."
INC Egypt has an experienced development team with over 40 years of accumulated experience in various business domains such as Islamic and traditional investment and financing, banking systems, enterprise resource planning (ERP) and software development processes and disciplines.
Osama Ezzeldin Touny, Head of INC Egypt, stated, "This is an excellent outcome for INC Egypt. The synergy of the combined businesses moving forward will be a compelling force. We plan to expand Path Solutions' range of Islamic products to meet growing customers demand. We will also use our offices in Cairo to better service our customers in Africa specifically and worldwide. We look forward to working with Path Solutions' team to further accelerate growth and expand the company's international footprint into exciting new markets."
INC Egypt will be renamed Path Solutions Egypt and will continue to be managed by Osama Ezzeldin Touny. This is Path Solutions' third office in the African continent, following the opening of Sudan and Kenya support offices earlier this year.
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