Talkpool acquires Platinum company in Saudi Arabia
Talkpool has acquired Virtual Connect a Limited Liability Company in Saudi Arabia. Virtual Connect holds platinum status, which is the highest rating, and it thereby carries the most favourable rights and conditions to do business in Saudi Arabia.
A first payment amounting to 34’000 Euro has been transferred in June 2018. We estimate the total investment this year to approximately 400’000 Euro, of which more than half will remain in the company as share capital.
Talkpool started its operations in January in the Kingdom of Saudi Arabia, and this business will now be consolidated into Virtual Connect, which eventually is expected to be renamed into Talkpool Saudi LLC.
Monthly sales in Saudi has reached approximately 100’000 Euro in June. By carefully ramping up operations while building a strong delivery legacy, Talkpool is expected to significantly increase its revenue base in the Kingdom. Most of the business this year is technical consulting in Internet of Things, engineering and upgrades of telecommunications networks.
The first Saudi IOT conference was recently held and there is a major push by the government to reduce dependency on oil thus pushing technology, entertainment and a favourable business environment. An estimated 430 billion Euro has been earmarked from the kingdom to the suppliers of a new super city called NEOM currently being developed on the shores of the Red Sea.
For further information, please contact:
Erik Strömstedt, CEO Talkpool AG
Tel: +41 81 250 2020
TalkPool builds, maintains and improves telecommunication networks globally. Through its cutting-edge technical expertise, long experience and agile business model, Talkpool offers global telecom vendors and operators high-quality services on short notice no matter the location. Moreover, TalkPool is one of few companies with actual solutions and contracts in place in the exciting IoT-market. Remium Nordic Holding AB is Talkpool’s Certified Advisor.
This information is inside information that Talkpool AG (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 11.00 CET on June 26, 2018.