DB Capital, which held an 18% 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 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 company's excellent management team has an outstanding track record and is rapidly achieving its revenue and profit targets through expansion into new markets. 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. Their timely support will enable us to achieve our ambitious expansion plans in the region."
Interactive is currently implementing a targeted geographic expansion and broadening of its principal products and services. By the end of the first quarter, the company will employ more than 110 highly qualified professionals in four countries: the United Arab Emirates, South Africa, Saudi Arabia and Lebanon. Interactive's expanded offerings will include business consulting through multi-media design and marketing, as well as 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.
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Deutsche Bank unit doubles investment in UAE-based company
- United Arab Emirates: Monday, February 04 - 2002 at 16:22
- PRESS RELEASE
DB Capital Partners, the private equity arm of Deutsche Bank AG, one of the world's largest financial institutions, today announced that it has acquired a more than 36 per cent interest in Interactive Limited, a global provider of e-business solutions.
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About DB Capital Venture Partners
DB Capital Partners is the private equity arm of Deutsche Bank AG, one of the world's largest financial institutions. With a global team, 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. For more information, please visit www.db.com/dbcapitalpartners.
With assets of almost 1 trillion Euro and over 97,000 employees, Deutsche Bank offers its clients unparalleled financial services throughout the world in over 70 countries. It ranks among the leaders in asset management, capital markets, corporate finance, custody, cash management and private banking. The keys to the Bank's success remain constant: customer focus, the spirit of innovation, a broad range of product skills combined with technological power and financial strength delivered by highly skilled professionals. For more information, please visit www.deutsche-bank.com.
About Interactive Limited
Interactive Limited (IT) is an established web software solutions provider based at Dubai Internet City in the United Arab Emirates. In its five-year track record, IT has achieved a market leadership position in the rapidly growing Internet market of the Middle East. IT's award-winning team of software programmers, Internet consultants, and designers provide a range of powerful and secure web software solutions to an expanding list of commercial and government customers. For more information, please visit www.interactive-tech.com.
Posted by Anne-Birte Stensgaard, News EditorMonday, February 04 - 2002 at 16:22 UAE local time (GMT+4)
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This article was updated on Thu Jun 17 2004.
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