Elm to acquire Thiqah from PIF for $907m.

Elm, a provider of innovative secure services & solutions to both public and private sectors in Saudi Arabia, agreed to acquire Thiqah, a firm specializing in smart technology solutions for business services, from PIF, a private equity firm, for $907m. “This is an important transaction for Elm, as it enhances integration, rationalizes spending, increases profitability, and provides qualitative advantages for both parties and the market. The combined integrated entity will be better able to create advanced national smart services to serve market requirements and clients' needs. It will also contribute to facilitating innovative operations and capabilities to develop products in the business field with cost advantages while achieving economies of scale,"​ Mohammad Abdulaziz Alomair, Elm CEO.