Bespin Global, a Seoul-based cloud management and consulting start-up, has signed a binding agreement to form a joint venture with e& enterprise, an IT service company headquartered in the UAE, which will be branded “Bespin Global MEA, an e& enterprise company”, concentrating on providing managed and professional public cloud services to clients in the Middle East, Turkey, Africa, and Pakistan (METAP).
Bespin Global will own 35% of the joint venture while e& enterprise will own 65% of it. Both e& enterprise and Bespin Global will contribute to the joint venture their current public cloud businesses as well as associated professional and managed services from the region.
e& Enterprise will join the board of directors of Bespin Global and invest a primary investment of $60 million in the company. Additionally, after 18 months of the transaction’s completion, e& Enterprise has the option to invest an additional $60 million. The joint venture will get growth capital from both shareholders.
Moreover, the joint venture will make use of both companies’ strengths. Strong local market presence and a wide range of digital transformation solutions will be provided by e& enterprise. Deep expertise in cloud migration, cloud operations, cloud native application development, cloud optimization, and cloud billing will be provided by Bespin Global.
The joint venture will offer a one-stop cloud solution to assist businesses in their journey toward digital transformation. In accordance with the agreement, e& Enterprise will also make an investment in the holding company of Bespin Global. Today’s announcement of investments and upcoming commitments totals more than $100 million.
According to Salvador Anglada, CEO of e& enterprise, by developing, implementing, and managing powerful, intelligent, and secure end-to-end digital solutions, e& Enterprise consistently collaborates closely with customers to help them realize their full digital potential.
“The joint venture with Bespin Global and the investment in the holding company are part of their ongoing efforts to extend their cloud offerings and establish their commitment as a trusted partner to governments and enterprises in the UAE.” said Anglada.
On the other hand, for John Hanjoo Lee, CEO and Co-founder of Bespin Global, in the METAP markets, where their enterprise customers are accelerating their digital transformation, Bespin Global is very delighted to join with e& enterprise.
The joint venture between Bespin Global and e& enterprise will leverage capabilities that will help build the future of cloud business. In addition, we welcome e& as an investor in Bespin Global and appreciate their confidence in our strategy and operations. We look forward to accelerating our growth plan and profitably expanding our operations globally.” said Lee.