DBS to explore Clouding company acquisition
Dar Al-Balad Business Solutions announced the signing of a non-binding Memorandum of Understanding with the owners of Clouding company to explore the possibility of acquiring all shares in both companies. The memorandum aims to establish a preliminary framework to assess the financial, legal, and operational viability of the potential deal, contingent upon reaching a final agreement and obtaining regulatory approvals. The process seeks to enhance the company's presence in the field of artificial intelligence solutions, as the targeted companies have expertise in providing digital transformation and AI solutions for enterprises in the Middle East, with one of the targets being recognized as a Gold Partner by Salesforce. The memorandum includes confidentiality and exclusivity clauses and does not entail any financial obligations if the transaction is not completed.
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