Islamabad, Jan 1: Devsinc, one of Pakistan’s largest IT companies, has announced the 100% acquisition of Alchemative Group, a leader in eCommerce and digital retail solutions. This strategic acquisition aligns with Devsinc’s mission to deliver transformative technology solutions across key markets, including Pakistan, the UAE, and Saudi Arabia, valued at over $22 billion.
Key Highlights:
- E-commerce Growth: The eCommerce markets in Saudi Arabia, the UAE, and Pakistan are booming. Saudi Arabia’s sector was valued at $8.7 billion in 2023, the largest in the GCC. The UAE market is expected to reach $6.98 billion by 2024, with a projected CAGR of 8.62% through 2029. Pakistan’s eCommerce sector is set to cross $7 billion by 2025, growing at over 18% annually.
- Expansion Opportunities: The acquisition unlocks significant opportunities for Devsinc to expand its footprint in the retail and eCommerce sectors. It will also enhance Devsinc’s enterprise partnerships, technology solutions, and digital presence across these markets.
- UnumPay Integration: The acquisition includes UnumPay, Pakistan’s leading payment platform with a 24% market share and a client base of 1,200 businesses. UnumPay’s growing presence in over a dozen countries will boost Devsinc’s fintech capabilities.
CEO Remarks:
- Usman Asif, CEO of Devsinc, stated: “Alchemative’s exceptional capabilities in eCommerce and digital retail complement our mission to enable global businesses with cutting-edge solutions.”
- Umar Rana, CEO of Alchemative, emphasized: “Joining forces with Devsinc will allow us to deliver even more value to our clients and redefine digital transformation in the region and beyond.”
