Hexaware and Novelty Group Forge Transformative Joint Venture

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Mar 08, 2024, 07:41 ET

This collaboration aims to redefine digital transformation services to clients across the UAE

ISELIN, N.J., March 8, 2024 /PRNewswire/ -- Hexaware Technologies, a global leader in digital solutions, and Novelty Group, a prominent business group of the United Arab Emirates (UAE), today announced a joint venture to deliver cutting edge digital transformation services to UAE based enterprises across diverse sectors like banking, financial services, manufacturing, energy and utilities, healthcare, insurance, hi-tech products & platforms, retail & consumer, logistics and travel & hospitality. This strategic collaboration aims to leverage Hexaware's technological capabilities and Novelty Group's local presence and market understanding.

From left to right, Abdul Raouf Al Mubarak, Chairman of Novelty Group and R Srikrishna, Chief Executive Officer & Executive Director of Hexaware Technologies are seen signing the JV agreement along with Amrinder Singh (in the left), Corporate Vice President & Head - EMEA & APAC Operations, Hexaware, Vikash Kumar Jain, Chief Financial Officer, Hexaware and Mehraz Parakh (in the right), Vice President - APAC SALES, Hexaware.

Under this joint venture, Hexaware Technologies brings its extensive expertise in digital managed services, generative AI, cloud, digital & software, enterprise automation, data & AI, and business process services. Hexaware aims to drive impactful change in the UAE market by leveraging its strategic global partnerships with industry-leading technology giants like AWS, Microsoft, Google, Guidewire, Snowflake, Backbase, and Oracle, among others. Hexaware has a strong track record of delivering cutting-edge digital transformation solutions across the globe and aims to leverage this experience and help UAE based companies to transition to the digital world faster in a very secure and cost-effective way.

Novelty Group, with its deep-rooted understanding of the UAE business landscape and industry-specific insights will serve as an invaluable partner in this joint venture. Their strong presence across the UAE will deliver key insights and support in navigating the needs of this market and ensure the success of this venture across its target client base. The aspiration to keep expanding and strengthening UAE's diverse industry sectors by successfully leveraging local talent pool, and the Emiratization of IT services across the UAE market will drive this collaboration with Hexaware Technologies.

"We are thrilled to embark on this transformative journey with Novelty Group. This joint venture represents a strategic alignment of our technological prowess with Novelty Group's expertise, aimed at delivering unparalleled value to UAE based enterprises. Together, we are committed to driving innovation and fostering sustainable, technology-empowered futures for businesses. We aim to make use of the UAE's increasing and diverse talent pool and make cutting edge digital solutions available locally and are committed to bring investments to the UAE," said R Srikrishna, Chief Executive Officer & Executive Director of Hexaware Technologies.

Abdul Raouf Al Mubarak, Chairman of Novelty Group, echoed similar sentiments, stating, "Our partnership with Hexaware Technologies marks a significant milestone in our commitment to driving digital innovation. Combining Hexaware's global technological capabilities with Novelty Group's insights, we aim to revolutionize enterprise solutions across diverse sectors. Together, we look forward to creating transformative digital experiences for businesses across the UAE."

This joint venture represents a convergence of global technological expertise and business insights, poised to redefine the digital landscape in the UAE market. Miller Hill Advisors, an international investment banking firm, and Ignite Excellence Advisory, a UAE-based management advisory firm, have facilitated this joint venture. Miller Hill Advisors will act as the financial advisor for this joint venture.

About Novelty Group

Novelty Group caters to the professional expectations & demands of international companies, in turn successfully facilitating their local interests through ground-handling, synergies & a market-focused approach. A dynamic United Arab Emirates (UAE) based entity that promotes and supports the interest of multinational partner companies throughout the UAE, GCC and Middle East region.

About Hexaware:

Hexaware is a global technology and business process services company. Our 28,300 Hexawarians wake up every day with a singular purpose; to create smiles through great people and technology. With 45+ offices in 16 countries, we empower enterprises worldwide to realize digital transformation at scale and speed by partnering with them to build, transform, run, and optimize their technology and business processes. Learn more about Hexaware at https://www.hexaware.com

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SOURCE Hexaware Technologies Ltd.