KUWAIT CITY, June 9, 2021 /PRNewswire/ — Kalaam Telecom, Bahrain’s leading technology solutions provider, announced the 100% acquisition of Zajil International Telecom Company, a prominent Kuwait-based Information and Communications Technology (ICT) service provider. Protiviti Member Firm for the Middle East Region (www.protiviti.com/KW-en) was the exclusive M&A advisor to Zajil on this transaction, which is estimated to be the largest ICT deal in the MENA region in the last three years.
“ICT is one of the most competitive spaces globally – and Protiviti enjoys a leadership position in this space. Our experience helped us tremendously in creating the right transaction strategy for Zajil to materialize this deal,” asserted Sanjeev Agarwal, CEO, Protiviti Member Firm for the Middle East Region. “Over the last couple of years, most of the M&A deals – globally in general and MENA in particular, have been fueled not just out of a desire to expand the top line, but also to bring in digital transformation in a big way. This trend is going to accelerate. Telecom and ICT companies in GCC have to walk the tightrope between expanding into digital space, mitigating associated risks and unearthing new business value. Protiviti, as the trusted advisors to most of the leading telecom operators in the region, is uniquely positioned to help clients by bringing in deep sector knowledge, experience and firsthand insights” Sanjeev added.
Commenting on the transaction, Mr. Mohammed Abdulaziz Al Tuwaijri, Chairman at Zajil, said “Over the past 30 years Zajil has emerged as a trusted and reliable partner to leading corporates and financial institutions in the GCC region, as well as globally. We are glad that Kalaam will be the new owners of Zajil, as I am confident that they share the same vision that we have had for Zajil to continue being a leading ICT service provider in the MENA region. I take this opportunity to thank Protiviti for being with us throughout this journey, and we are appreciative of their support and advice given to us during this process.”
George Thomas, Managing Director, Transaction Services, Protiviti, said “The deal presented some unique challenges, considering the extensive reach of Zajil and multiple regulatory environments. Protiviti’s deal advisory team worked closely with the Zajil team as well as Kalaam, and their advisers to ensure an optimal deal structure, which was aligned to meet the aspirations of all parties involved.”
Protiviti’s transaction services helps organisations evaluate transactions to ensure they are entered into with a full understanding of the opportunities and risks. We provide a range of highly tailored advisory services that span the transaction lifecycle to maximise value.
Protiviti (www.protiviti.com) is a global consulting firm that delivers deep expertise, objective insights, a tailored approach and unparalleled collaboration to help leaders confidently face the future. Protiviti and our independent and locally owned Member Firms provide clients with consulting and managed solutions in finance, technology, operations, data, analytics, governance, risk and internal audit through our network of more than 85 offices in over 25 countries.
Named to the 2021 Fortune 100 Best Companies to Work For® list, Protiviti has served more than 60 percent of Fortune 1000 and 35 percent of Fortune Global 500 companies. The firm also works with smaller, growing companies, including those looking to go public, as well as with government agencies. Protiviti is a wholly owned subsidiary of Robert Half (NYSE: RHI). Founded in 1948, Robert Half is a member of the S&P 500 index.
View original content:https://www.prnewswire.com/news-releases/protiviti-cements-position-as-ma-advisor-in-gcc-with-major-telecom-sector-deal-301308734.html
SOURCE Protiviti Middle East
Markets Insider and Business Insider Editorial Teams were not involved in the creation of this post.
Dutch Exports Rises In April
(RTTNews) – Dutch exports and imports increased in April, figures from the statistical office CBS showed on Tuesday. Merchandise exports grew 25….
(RTTNews) – Dutch exports and imports increased in April, figures from the statistical office CBS showed on Tuesday.
Merchandise exports grew 25.7 percent year-on-year in April, following a 11.1 percent rise in March. Exports increased for the fourth consecutive month.
The latest growth was the largest since the statistics began in 1995, the agency said.
In March, more transport equipment and machines were mainly exported, the agency said.
Imports increased 21.5 percent annually in April, following a 10.7 percent rise in the prior month. Imports rose for the third straight month.
Sensex, Nifty Edge Lower In Early Trade
(RTTNews) – Indian shares were a tad lower on Tuesday, tracking mixed global cues. The benchmark 30-share BSE Sensex slipped 90 points, or 0.2 pe…
(RTTNews) – Indian shares were a tad lower on Tuesday, tracking mixed global cues.
The benchmark 30-share BSE Sensex slipped 90 points, or 0.2 percent, to 52,238 in early trade, while the broader NSE Nifty index was down 34 points, or 0.2 percent, at 15,717.
DHFL shares jumped nearly 10 percent. The National Company Law Tribunal (NCLT) has approved Piramal Group’s overall resolution plan for the beleaguered mortgage lender.Central Bank of India advanced 1.5 percent after narrowing its Q4 net loss.
MRF dropped half a percent on reporting a 51 percent fall in quarterly net profit. Shriram Transport Finance rose half a percent on fund raising reports.
Infosys gained 1.3 percent after collaborating with Archrock.
Jindal Steel & Power was little changed. The company said its production increased by 31 percent in the April-May period.
Union Bank of India added 1.3 percent as it reported an 83 percent rise in net profit in the March quarter.
Surya Roshni surged 4.7 percent on news it has bagged an order worth Rs. 170.52 crore for coated line pipes for the gas grid pipeline project from Indradhanush Gas Grid.
Union Bank of India added 1.3 percent as it reported an 83 percent rise in net profit in the March quarter.
This CEO says a 5-hour workday saved his Mark Cuban-backed paddle-board startup but ultimately ‘broke’ its company culture
Tower Paddle Boards CEO Stephan Aarstol. YouTube/Kauffman Founders School Stephan Aarstol has flipped between various five-hour workday models…
Tower Paddle Boards CEO Stephan Aarstol.
- Stephan Aarstol has flipped between various five-hour workday models for his startup.
- Tower first introduced its five-hour workday back in 2015 – cutting down hours by more than a third.
- But Aarstol said that some staff treated it as an entitlement, rather than a reward.
- See more stories on Insider’s business page.
The CEO of Tower says that using a five-hour workday saved his paddle-board startup but ultimately “broke” the company culture.
Stephan Aarstol, who got $150,000 in funding from Mark Cuban after appearing on “Shark Tank” in 2011, said there’s evidence that a nine-to-five schedule doesn’t work for all companies.
But ditching it completely could wreak havoc on a company, and cause workers to feel like a five-day is an entitlement rather than a reward, he said.
Read more: The CEO of $1.3 billion cybersecurity startup Arctic Wolf moved the company’s headquarters from Silicon Valley to Minnesota to capitalize on its affordability, talent pool, and work culture
San Diego-based Tower first introduced its five-hour workday back in 2015 as a three-month experiment.
“I basically wanted to instil a culture of productivity,” Aarstol told Insider. “Everything was focused on productivity.”
He said he had been using productivity tools to save time but not all his staff had been. So he decided to cut down hours by more than a third.
Aarstol said that this would also better reflect the company’s culture as a paddle-board startup. “We were going to live more authentically to our brand and by living it, we would sort of propel our brand,” he said.
So Aarstol created a company-wide policy where his staff started work at 8 a.m. and clocked out at 1 p.m. each day – with no strings attached, no change in pay, and no lunch break.
“I said: ‘okay, you need to figure out how to get as much done or more than you were doing previously, or you’ll be fired,'” he said. “So I’m giving you your life back, but I’m putting pressure on you.”
Tower is a small company with six current employees, although it previously peaked at nine. As a result, the startup has very few meetings, which Aarstol said helped when staff were restructuring their days.
After the policy was introduced, staff started timing their tasks looking for ways to speed them up, and sharing productivity hacks. This included finding more efficient ways to use ShipStation to almost halve the amount of time it took to ship a package.
And Tower’s revenues increased by 50% – so he decided to extend the policy.
The five-hour workday ‘broke’ the company culture
But after about two years, Aarstol began to notice problems with the new company culture that the policy had created.
“It made work just this thing you do before lunch,” he said. “I think we broke the company culture because the ties between one other were not as strong after that,” he added.
Aarstol said he had introduced the policy to recruit and retain people who worked three times as fast as others – but that this hadn’t happened.
So in 2017, Aarstol decided to tweak the policy. Staff started to work a five-hour day for just four months, from June to September – when the paddle-board company is busiest.
And then, in 2019, earnings suddenly plummeted for the company. Its revenues fell from $4.3 million in 2018 to $2 million in 2019, and Aarstol said Tower was around 60 days from going out of business.
He said the declining revenues weren’t related to its shorter workdays but he decided to reintroduced longer workdays. The company’s revenues doubled in 2020.
Workings hours are now tied to the company’s performance
Aarstol is now tweaking Tower’s working hours again. Staff will work a five-hour day from August 1 to November 31, but only after years when the company’s revenue has increased “as a company-wide sort of bonus,” Aarstol said. Previously, workers had acted like they were entitled to the five-hour workday, he said.
“This is a reward when revenues are increasing and if revenues are going down, now everybody knows how to work at twice the speed, we’re going to double down and we’re going to grow this thing,” he said.
The company has also diversified. As well as paddle boards, Tower now also sells electric bikes and has an event space and a bike-repair shop. This kept the business going during the pandemic, Aarstol said, adding that its e-bike sales had grown six-fold.
Both companies and employees have been reevaluating when, how, and where they work as the pandemic has shifted people’s priorities and caused them to assess their work-life balance.
Unilever is testing a four-day work week in New Zealand, while dozens of companies including Silicon Valley giants Facebook, Twitter, and Salesforce have said their employees can work remotely post-pandemic. Trading platform Coinbase is even scrapping its former San Francisco headquarters in favor of a decentralized and remote model.
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