Dubai-based SBS acquires India firm
Dubai, October 29, 2013
Dubai-based Superior Business Solutions (SBS) has acquired India-based WebTag, a company renowned for developing and deploying cutting edge smartphone applications, professional web solutions, cloud based applications and hosting services.
The acquisition will encompass transfer of all assets and intellectual properties to a new entity branded SuperiorTag Business Solutions India (SBS India), a statement said.
"After diligent review of Indian market, we identified WebTag as a right-fit acquisition that gels with our vision for the future. We are confident that this acquisition will add value to our existing regional offices in UAE, Egypt and Qatar," said Adel Eid Yousef, chief executive officer of SBS Group.
"SBS sees this strategic acquisition as a move to further expand its operations, accelerate next growth phase in terms of people, processes and technological advancement," he said.
"Governments in Gulf region are rapidly moving towards deploying advanced smart applications to offer better services and improve the living standards of their citizens. SBS, with the acquisition of WebTag, is strategically placed to carve a niche for itself in this segment." he further added.
SBS India board has approved Nagesh Gadde as director, operations for SBS India. The board of directors also agreed to increase the capital investment to expand the research and development centre in Hyderabad.
SBS operates with offices in Dubai, UAE and Qatar, extending IT services to clients across the Middle East region. - TradeArabia News Service