UAE MGI Blockchain Technology acquires telecom company
UAE based subsidiary of Maria Group International (MGI Blockchain Technology LLC) has acquired one of the oldest telecom companies in the region- CITI Telecommunications LLC, for an undisclosed amount. The deal included the transfer of all staff and marketing activities to MGI, with the purchase set to strengthen the businesses’ IT and communications arm.MGI Global CEO Mr. Thanveer Ummer said that the acquisition was in line with the multinational company’s long term strategy and that the company’s digital marketing brand- ‘yospace’ is already proving to be a valuable asset to the conglomerate.
“CITI Telecomunications LLC is a reputed company with a strong team, who have already proven their skills over their decades’ long presence in the local market. We are pleased that they will be bringing their talents to our group. Together, we have already created and launched ‘bibee’, a lightweight AI-backed business bot into the market, and we look forward to expanding our digital sector and its products further,” he said.
The telecom and digital marketing company has amassed a strong, profiled live database of over 30 million people over 17 years, with a total database of over 45 Million GCC residents. One of the first internet companies in the region, it started as a telecom company and repositioned itself to include SMS campaigns during the cellular age. Staying with the times, it evolved into a digital company, with the yospace brand serving as its digital marketing branch. The acquisition, which happened at the end of February, also transferred patented digital assets over to MGI, such as the JumboTab, YoLead Tool, GoPC, the GoDigiSigns website, and bibee, amongst others.
Mr. Dilip Paliyath, head of the company and now Global CTO for MGI said “We have always kept pace with the rapid advancement in technology and how people communicate with one another. By being a part of MGI, we will be able to increase our reach and growth. We are glad to be part of the group and look forward to continuing to launch innovative and cutting edge products.”