Startup

Tadawul Group’s Wamid acquires 51% stake in DirectFN for $35.6m

Tadawul Group announced that its subsidiary, Wamid, has signed a sale and purchase agreement with National Two Ventures Sole Shareholder to acquire 51% shares in Direct Financial Network Company (DirectFN) in a transaction valued at SAR 133.9 million which accounts for almost $35.6 million.

The acquisition will enable Wamid to execute its growth strategy and expand its capabilities and market access regionally and globally.

“The acquisition is another major step in our efforts to drive innovation and support the development and advancement of the capital market technology, in line with Vision 2030. We look forward to harnessing the power of technology and data to create value for investors, issuers, and market participants, as well as our business, as we expand our technology and scope into exciting new areas,” Mohammed Al Nory, CEO of Wamid, said.

DirectFN’s acquisition follows Tadawul Group’s Wamid launch of Co-Location, with the aim to diversify sources of recurring revenue.

The post Tadawul Group’s Wamid acquires 51% stake in DirectFN for $35.6m appeared first on WAYA.

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