Devsinc Expands into UAE by Acquiring Alchemative Group
Deal News | Jan 07, 2025 | Zawya
In a strategic move to expand into the Middle Eastern market, Devsinc, a leading IT company from Pakistan, has acquired the UAE's Alchemative Group. Alchemative's experience spans over 11 years, catering to more than 800 clients globally, and driving eCommerce innovation through impactful technologies. The acquisition includes the UnumPay payment gateway, a prominent player with a 24% market share in Pakistan. This transaction enables Devsinc to strengthen its position in the UAE's burgeoning digital retail market, projected to reach $7 billion. With a robust track record of completing 3000 projects globally, Devsinc plans to leverage Alchemative's expertise to enhance solutions delivery and support digital transformation aligned with UAE's evolving smart city initiatives.
Sectors
- Information Technology
- eCommerce
- Fintech
Geography
- United Arab Emirates – The UAE is the strategic location for Devsinc's expansion into the Middle Eastern digital retail and eCommerce market.
- Pakistan – Devsinc is a leading IT company based in Pakistan that is expanding its operations internationally.
Industry
- Information Technology – Devsinc operates in IT, specializing in bespoke software solutions, enterprise-grade services, and digital transformation, in line with Alchemative's digital retail solutions.
- eCommerce – Alchemative's specialization in eCommerce and omnichannel retail drives Devsinc's entry into the Middle Eastern digital retail market.
- Fintech – The acquisition incorporates UnumPay, enhancing Devsinc's fintech capabilities in digital payment solutions.
Financials
- $7 billion – Projected market size of the UAE's digital retail sector that Devsinc plans to enter.
- 24% – Market share of UnumPay payment gateway in Pakistan.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Devsinc | Acquiring Company | Company | A top IT company from Pakistan, specializing in bespoke software solutions across multiple industries globally. |
| Alchemative Group | Target Company | Company | UAE-based provider of eCommerce and digital retail solutions, and creator of UnumPay payment gateway. |
| UnumPay | Fintech Product | Company | A payment gateway solution holding a 24% market share in Pakistan, now part of Devsinc's acquisition. |
| Usman Asif | Person | Person | CEO of Devsinc, overseeing the strategic acquisition of Alchemative. |
| Umar Rana | Person | Person | CEO of Alchemative, facilitating the acquisition and collaboration with Devsinc. |
| Nasir Iqbal | Media Contact | Person | Media contact for the press release. |