KARACHI:Gong ceremony was held at Pakistan Stock Exchange on Thursday to mark the largest acquisition of a Pakistan-based software company Coudways by US-based DigitalOcean IT company, which will widen base for text sector.
The ceremony was attended by British Parliamentarian Lord Aamir Sarfraz, Chief Executive Officer of DigitalOcean, Yancey Spruill, Founder of Cloudways Aaqib Gadit, PSX’s Chairperson Dr. Shamshad Akhtar and CEO Farrukh H. Khan besides number of capital market players and experts.
Lord Aamir Sarfraz expressed his pleasure over the celebration of the largest acquisition of Pakistan born credible software company by a global IT company DigitalOcean , which had already been listed at three exchanges of different countries.
He was confident that the US IT company making $ 35 million investment through this acquisition would soon get listed at Pakistan Stock Exchange. Presently, he explained, listing was stopped throughout the world.
He said as Pakistani-origin British Parliament and other Pakistani community living in UK had concern over the economic situation in Pakistan. However, he was optimistic that Pakistan would never default as the country’s economic managers’ team was taking every possible step to ensure smooth sailing of the country out of the challenges.
On this occasion, Lord Aamir Sarfraz said Parliamentarians from many countries including of United Kingdom were coordinating to make a joint platform to pursue International Monetary Fund authorities to bring reforms in the institution to create worldwide ownership, instead of a dictating finance institution. Due consultation with the stakeholders in the borrowing country was necessary before grant of any finance package. In the past, he mentioned, IMF did it.
DigitalOcean’s CEO, Yancey Spruill described the acquisition as the foundation and pledged that over the passage of time the partnership would increase.
He said to be proud of his company’s largest transaction of the acquisition here.
“ I am grateful to be part of this country,” he remarked adding that soon his company would be listed at PSX.
Founder of Cloudways Aaqib Gadit said that the acquisition of Pakistani IT company by a global company had falsified the myth that global companies were not willing to come and engage in Pakistan.
PSX’s Chairperson Dr. Shamshad Akhtar said this acquisition would help boost IT sector in Pakistan, which already was doing well. So far 5000 companies had been registered with Securities and Exchange Commission of Pakistan and the exports were significantly increasing year-on-year. However, she argued, more serious efforts were need to promote this promising sector as the neighbouring countries were much ahead in IT sector. Pakistan’s scale of exports in future would mostly depend on the spread of its IT sector.
“ If IT sector better contributes, Pakistan would have economic sustainability,” she articulated.
PSX’s CEO Farrukh H. Khan also expressed his pleasure over the largest acquisition.
He said PSX was committed to extend every possible support to companies contributing in strengthening of Pakistan’s capital market and the economy as a whole.