Japan’s Monstarlab has signed an agreement to acquire ecap, an executive search and human capital consultancy firm in Dubai, with the aim of expanding its business globally.
Monstarlab is a Tokyo-based digital consulting and software development company that helps organizations grow their businesses with digital solutions. The two companies did not disclose the full value of the transaction.
“Monstarlab will strategically expand ecap by leveraging our combined global networks in our 17 key markets, giving our clients the tools and access to world-class talent from all regions,” said Hiroki Inagawa, Group Managing Director Monstarlab.
“We look forward to continuing to expand in the region and into global markets with this acquisition and are committed to further investing. “
The Covid-19 pandemic has accelerated the pace of digital transformation across the region, driving demand for new technologies such as contactless services, cloud solutions and collaborative applications.
Overall IT spending in the Middle East, Turkey and Africa is expected to grow 2.8% to reach $ 77.5 billion this year, according to International Data Corporation. It contracted 4.9% on an annualized basis last year.
Monstarlab, which was previously known as Nodes, was renamed in February. It has 25 offices around the world and employs 1,200 people.
Founded in 2006, the company has been active in the Middle East and North Africa for over two years. Its clients include Mashreq Bank, Careem, Kerzner International, Shake Shack and SoftBank.
Earlier this year, the company announced it would invest $ 10 million in Mena over the next five years as it seeks to develop technological capabilities in the region.
“The acquisition came early in the ecap journey,” said Chris Abreu, founding partner of ecap. “Given the aggressive growth of Monstarlab and the passion of the management team to develop the ecap offering in their main markets, we had an immediate alignment of strategy, values and aspirations, which has made a very easy decision for ecap. “
Update: September 13, 2021, 4:40 p.m.