Investcorp, the Bahrain-based alternative investment manager, said one of its affiliates acquired a majority stake in the US technology company KSM Consulting from Renovus Capital Partners.
Terms of the transaction were not disclosed and Renovus will continue to maintain a minority stake in the business.
"The past year highlighted the importance of embracing technology for all organisations, regardless of size, sector or industry," Tarek AlMahjoub, head of UAE and Oman for Investcorp’s private wealth, said.
KSMC’s people, values and culture set it apart in a "highly fragmented market, and we are excited to be partnering with them", he added.
Founded in 2008, KSMC caters to more than 700 organisations. The company specialises in data analytics, smart solutions and digital transformation.
The partnership will focus on the Indianapolis-headquartered company’s organic growth and expanding its footprint across the US, the Manama-listed company said in a statement. The tie-up will broaden KSMC’s service offerings and focus on the company completing recent strategic acquisitions of other US technology firms.
Some of the recent purchases of KSMC, which has grown at an annual rate of more than 40 per cent in the past three years, include Colorado-based Tempus Nova, Ohio-based Advocate Solutions and Indianapolis-based Connect Think.
"We believe Investcorp’s deep understanding of technology and the professional services industry makes it an ideal partner for KSMC’s next phase of growth," Mark Caswell, chief executive of KSMC, said.
"Investcorp’s resources and expertise will enable us to continue expanding … [and] position us for accelerated growth. We are excited by the long-term benefits this partnership will unlock for our team, clients and communities," Mr Caswell added.
With a presence in 12 countries across the US, Europe, GCC and Asia, Investcorp, which counts Abu Dhabi's Mubadala Investment Company as its biggest shareholder, had $35 billion in total assets under management at the end of last year.
The company has been on an acquisition spree in recent months, expanding its technology portfolio by boosting its investment in software, data analytics, cyber security and FinTech companies.
Last month, the company rolled out Investcorp iPartners platform, a new FinTech offering that will allow investors to browse, assess and invest in private equity, real estate and other offerings.
Earlier this month, Investcorp reported a 33 per cent jump in first-half net profit on the back of higher asset-based income.
The company’s $1.4bn investment activity during the first half of its financial year was driven by two new private equity investments in the US and Europe and two add-on acquisitions, in addition to eight investments in businesses across Asia.
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
More coverage from the Future Forum
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
One in nine do not have enough to eat
Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.
One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.
The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.
Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.
It is currently estimated that one in nine people globally do not have enough to eat.
On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.
Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.
Brief scores:
Manchester City 2
Gundogan 27', De Bruyne 85'
Crystal Palace 3
Schlupp 33', Townsend 35', Milivojevic 51' (pen)
Man of the Match: Andros Townsend (Crystal Palace)
The details
Colette
Director: Wash Westmoreland
Starring: Keira Knightley, Dominic West
Our take: 3/5
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