ITG acquires Fadel Systems
Deal enforces group’s footprint in Oracle
Information Technology Group (ITG) Holding has acquired the majority of shares in Fadel Systems, a Beirut-based IT business specialized in the provision of Oracle applications and technology solutions. ITG Holding now owns 70 percent of Fadel Systems, which will be renamed PrimeWare. The integration of both companies will take place over the next few weeks.
A subsidiary of US-based Fadel Partners, Fadel Systems was founded by Tarek Fadel, its CEO and main shareholder. Its other shareholder was its General Manager Mounir Rahmeh.
Fadel Partners and Mounir Rahmeh retained minority equity in the company.
Fadel Systems will keep its current management team. Rahmeh will remain the General Manager.
ITG Holding, based in Beirut, has several ICT companies operating locally and in the Middle East. The acquisition is expected to further strengthen ITG Holding’s position in the local and regional IT markets. “This merger comes in the context of the group's strategy to invest in the fields of value-added software and services,” said Claude J. Bahsali, Chairman and CEO of ITG Holding. ITG Holding will invest in growing Fadel Systems' delivery capabilities, he said.
Fadel Systems has a long experience in working with Oracle, the global software provider. “The combination of Fadel Systems’ Oracle expertise and ITG’s resources and market reach will provide our clients with significant advantages,” said Tarek Fadel.
Date Posted: Feb 08, 2013