Saudi Arabian communications company Unifonic has acquired Turkish conversational automation company Sestek for an unknown amount.
Unifonic said the acquisition will help enhance its product portfolio through its omnichannel and AI-powered conversational automation solutions.
The acquisition comes a year after Unifonic closed a $125 million Series B funding round that was led by SoftBank Vision Fund 2 and Sanabil Investments.
Founded in 2006 by Ahmed Hamdan and Hassan Hamdan, Unifonic is a customer engagement platform that enables organisations to help customers with omnichannel experiences.
Sestek, founded in 2000 by Levent Arslan, helps organisations increase efficiency, and provide better experiences for their customers by providing them with conversational AI and analytics solutions.
“Sestek’s omnichannel and AI-powered conversational automation solutions significantly enhance Unifonic’s product portfolio,” said Ahmed Hamdan, Unifonic’s co-founder and CEO.
Saudi Arabia-based Arabian Contracting Services Co is set to acquire a majority stake in outdoor media advertising company Faden Media for SAR1.05 billion, or about $280 million.
Arabian Contracting will pay 70% of the buy price on the completion of the deal while the remaining 30% will be paid on March 31 next year.
Faden Media, which is owned by Prince Abdulaziz Al Saud, posted net income of SAR11.1 million in Q1 2022, Arabian Contracting said in a regulatory disclosure on the Tadawul stock exchange.
Faden Media was founded in 2006. It provides digital advertising services on buildings and retail stores throughout the kingdom.
Arabian Contracting is partly owned by the Middle East Broadcasting Co. The company says it is following a growth strategy which seeks to establish profitable alliances and partnerships locally and regionally.