Confiz Ltd. And Mantaq Systems Merger To Raise Combine Annual Revenue To $10 Million
Confiz Ltd. and Mantaq Systems has announced a strategic merger between both the firms, which is the biggest decision ever taken in the history of IT industry in Pakistan. The merger will result in combined annual revenue of $4 million and the firms aim to reach $10 million by 2017.
The merging will bring 250+ employees with physical offices in Lahore, Karachi, Seattle (USA), Estonia, Qatar and Saudi Arabia. Both the company’s customers include big names such as 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.”
While 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 the companies will continue to function with their respective brands while the offices will be re-located and the entire process will take 2-3 months. The merger has set a new example in Pakistan’s IT industry which is clearly on the rise.