Key Takeaways:
- Strategic Acquisition: Devsinc, a Pakistani IT company, acquires Alchemative Group, a leader in ecommerce and digital retail solutions, to capitalize on the growing regional market.
- Ecommerce Growth: The acquisition positions Devsinc to tap into the rapidly expanding ecommerce market in Pakistan, the UAE, and Saudi Arabia, valued at $22 billion.
- Fintech Expansion: The acquisition includes UnumPay, a leading payment platform in Pakistan, further strengthening Devsinc’s presence in the fintech sector.
Karachi, Pakistan – Devsinc, a prominent IT company in Pakistan, has announced the acquisition of Alchemative Group, a leading provider of ecommerce and digital retail solutions. This strategic move allows Devsinc to tap into the rapidly growing ecommerce market in the region, which is estimated to be worth $22 billion across key markets like Pakistan, the UAE, and Saudi Arabia.
The acquisition comes at a time when ecommerce is experiencing significant growth in these markets. Saudi Arabia’s ecommerce market, the largest in the GCC, reached $8.7 billion in 2023. The UAE’s sector is projected to reach $6.98 billion by 2024, with an impressive annual growth rate of 8.62%. In Pakistan, online retail sales are expected to surpass $7 billion by 2025, driven by a young population, increasing internet penetration, and a growing demand for digital payment solutions.
“This acquisition presents Devsinc with a unique opportunity to solidify its position in the burgeoning ecommerce and fintech sectors,” the report accurately states.
The acquisition of Alchemative Group, which includes UnumPay, a leading payment platform with a 24% market share in Pakistan, further strengthens Devsinc’s presence in the fintech sector. This strategic move allows Devsinc to offer comprehensive solutions for businesses looking to establish and expand their online presence.
By combining its existing expertise with Alchemative Group’s capabilities, Devsinc is well-positioned to capitalize on the growing opportunities in the ecommerce and fintech sectors. This acquisition is expected to drive innovation and contribute to the development of a robust digital ecosystem in the region.
