WSM pens deal to acquire Wasltec for SAR 8.5M

Logo of WSM Information Technology Co.

WSM Information Technology Co. signed, on Dec. 29, the final acquisition contract (purchase contract) with Tanabw for Information Technology to fully acquire Wasl Technical Information Systems Co. Ltd. (Wasltec) for SAR 8.5 million.

In a statement to Tadawul, the company noted that Wasltec was converted to a branch of Tanabw.

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The deal will be financed from WSM’s own resources, the statement added, indicating that the company is currently working on completing the legal procedures for the transfer of ownership, and will announce any other core developments in due course.

The deal is intended for achieving the company's strategic objectives to expand the business base of WSM by taking advantage of the increasing opportunities in the sector. Wasltec provides services in several technology segments and has government and private clients.

The financial impact of this transaction is expected to reflect starting from 2025, and no related parties are included, WSM said.

According to data compiled by Argaam, WSM signed, on Oct. 24, a non-binding memorandum of understanding (MoU) to acquire 100% of Wasltec.