Confiz Ltd. and Mantaq Systems today announced that their board of directors have approved a strategic merger between both the firms.
This strategic decision is one of a kind in the history of IT industry in Pakistan.
The transaction will result in combined annual revenue of $4 million with an aim to touch $10 million by 2017.
The merged company will consist of 250+ people with physical offices in Lahore, Karachi, Seattle (USA) and Estonia with strong presence in Qatar and Saudi Arabia.
Merged company’s customers include Microsoft, Intel, NCR, Ingenico, Walmart, Target, Sage, Nishat Linen, Khaadi, Servis Shoes, Stylo and Asghar Ali.
On this occasion Mr. Raza Saeed, CEO Confiz, said,
“With this merger, we are well on our way to become a $10 million company by 2017.
Mantaq has a strongly differentiated value proposition as a specialized provider of ERP implementation and consulting services in Retail market, which will help us open new avenues in international market.
We are now targeting the Local and International Retail industry with much more rich expertise.”
Mr. Hashim Ali, CEO Mantaq Systems, said,
“By joining hands together, we now have a stronger management team as well as access to one of the finest engineering teams on our hands.
This would allow us to offer richer and more innovative solutions to our customers and help them use our technology based solutions as a definite competitive advantage in this digital age”
Both companies will continue to operate with their respective brands for now while offices are going to get relocated. Entire integration process is likely to get completed with-in next 2-3 months.
IT industry of Pakistan is clearly on the rise, particularly with recent example of System Limited going public. With annual revenue of $14.2 million during FY2013, System Limited generated Rs. 325 million from the IPO.
And now the merger of Confiz and Mantaq System will set a new precedent in Pakistan’s IT industry to prove that consolidation to beat the global competitors is the way forward.