Abu Dhabi: Abu Dhabi-based Finance House said yesterday it has acquired regional information security technology company Para-mount Computer Systems for an undisclosed sum.
"Finance House has acquired along with the management of Paramount Computer Systems 100 per cent of that company," Ramesh Mahalingam, Finance House's chief investments and financial officer, told Gulf News. He declined to elaborate on the size of the deal.
Paramount has its headquarters in the Dubai Internet City and operates in Dubai, Abu Dhabi and Doha and runs joint venture operations in Bahrain and Kuwait with Intercol.
"This is a first step, albeit a significant one, for Fin-ance House - our first MBO (management buy out) transaction, our first foray into the information technology space," Mohammad Al Qubaisi, chairman of Finance House, said in a statement.
"Finance House takes pride in contributing to the growth of the UAE economy. The Paramount MBO is testimony to this commitment. More such transactions should follow in due course," Al Qubaisi added.
Listed on the Abu Dhabi Securities Market (ADSM), Finance House has interests in commercial and retail financing, financial services and investments. The company is licensed and regulated by the Central Bank of the UAE.
The major shareholders of Finance House include Abu Dhabi Investment Company (Adic), The National Investor (TNI), a number of prominent UAE businessmen, high net worth individuals and dignitaries.